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Due on Termination of Employment or Residency: In the event that Employee's employment with the City is terminated for any reason (including, but not limited to, retirement, election by City or by Employee, death or disability) the unpaid principal shall be due and payable within twelve (12) months of Employee's termination. In the event that the Property ceases to be Employee's principal residence, the unpaid principal shall be due and payable within six (6) months after the Property ceases to be Employee's principal residence. No Further Encumbrance: Except for the liens for property taxes, special assessments, or any first deed of trust obtained by Borrower, Borrower shall not cause any lien, mortgage or encumbrance to be recorded against Borrower's interest in the property unless expressly authorized by the Mayor of City. Default: Should default be made in the payment of principal or interest when due or in the performance or observance when due of any term, covenant or condition of any deed of trust, (including amendments and extensions thereof) secmSng this Note, then, at the option of the Lender and without notice or demand, the entire balance of principal and accrued interest then remaining unpaid shall become immediately due and payable. Late Payment: If any payment of principal or interest due under this Note shall not be made within ten (10) calendar days after the date when due, a late charge of five percent (5%) of the overdue amount may be charged by Lender for the purpose of defraying the expenses incident to handling such delinquent payments. Borrower acknowledges and agrees that it is extremely difficult and impractical to ascertain the extent of such expenses and that proof of actual damages would be costly or inconvenient. Borrower therefore agrees that such late charge represents a reasonable sum considering all of the circumstances existing on the date of this Note and represents a fair and reasonable estimate of the costs that will be sustained by Lender due to the failure of the undersigned to make timely payments. Such late charge shall be paid without prejudice to the right of Lender to collect any other amounts provided to be paid or to declare a default under this Note or under the Deed of Trust referred to in this Note or from exercising any of the other fights and remedies of Lender, including, without limitation, the right to declare the entire balance of principal and accrued interest then remaining unpaid immediately due and payable. Prepayment: Borrower shall have the right to prepay this Note in whole or in part at any time without prepayment penalty or premium. Costs of Collection: If this Note is not paid when due, whether at its specified or accelerated maturity date, Borrower promises to pay all costs of collection and enforcement of this Note, including, but not limited to, reasonable attorneys' fees and costs incurred by the holder hereof on account of such collection or enforcement, whether or not suit is filed hereon. Lawful Tender: Principal and interest shall be payable in lawful money of the United States without setoff, demand or counterclaim. Presentment, notice of dishonor, and protest are waived by Borrower, and endorsers of this Note. Such parties expressly consent to any extension of the time of payment hereof or any installment hereof, to any renewal, and to the -2-