14-20 Cedar Glen Bond Ordinance Addendums

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interest on the portion of the Note to be prepaid and the corollary redemption of the Bonds (as such term is defined in the Construction Loan Agreement). Any amount so paid which is less than the full unpaid principal amount of the Bonds shall be credited against the installment or installments of principal due on the Note corresponding to the maturity of the Bonds being redeemed. 5. Cost of Collection and Additional Default Rate Interest. In addition to all other sums payable under this Note, Maker shall pay to Issuer (a) reasonable attorneys' fees incurred by Issuer in connection with (i) the protection of any security for or rights arising in connection with this Note, (ii) the enforcement of any provision contained in this Note or in any document executed in connection herewith, or (iii) the collection of any indebtedness evidenced hereby or arising in connection herewith (including without limitation reasonable attorneys' fees incurred by Issuer in connection with any bankruptcy, reorganization, receivership or other proceeding affecting creditor's rights and involving a claim under this Note or any document executed in connection herewith), (b) costs of collection, (c) interest at the Default Rate on all accrued interest which is not paid when due, and (d) interest at the Default Rate on all fees, costs and expenses incurred by Issuer which are to be reimbursed by Maker pursuant to this section, from the date demand for payment is made by Issuer. If, after the occurrence of an Event of Default hereunder, Issuer employs an attorney or attorneys to protect Issuer's rights or remedies arising in connection with this Note or any security for this Note, then Maker shall pay to Issuer upon demand all reasonable attorneys' fees and expenses incurred by Issuer in connection with such Event of Default, regardless of whether any action is actually commenced against Maker by reason of any such Event of Default. 6. Valuation and Appraisement Laws. All principal, interest and other amounts payable under or with respect to this Note shall be payable without relief from valuation and appraisement laws. 7. Late Charge. Maker shall pay a "late charge" for the purpose of defraying expense incident to handling with respect to any monthly installment of interest and/or principal, or portion thereof, payable hereunder not paid within ten (10) days after the date when first due, at the rate of five cents (50) for each One and 00/100 Dollar($1.00) so overdue, with a minimum charge of Twenty-Five and 00/100 Dollars ($25.00) and an additional "late charge" for purposes of defraying expense incident to handling on the first day of each successive calendar month thereafter at the rate of five cents (50) for each One and 00/100 Dollar($1.00) so overdue, with a minimum charge of Twenty-Five and 00/100 Dollars ($25.00) per month until any such installment, or portion thereof, has been paid in full. Maker acknowledges and agrees that any expenses and damages that Issuer might incur as a result of any payment not paid within ten (10) days after the date when first due will be extremely difficult and impractical to ascertain and agrees that the late charge imposed by this section is a reasonable estimate of such expenses and damages and shall not be deemed to be a penalty. Notwithstanding anything contained herein to the contrary, no "late charge" shall be payable with respect to the final payment due upon the maturity, or the early acceleration, of this Note. Provided, however, nothing herein contained shall be construed as a waiver by Issuer of its option to declare a default if any payment of any monthly installment of interest and/or principal, or portion thereof, is not made when due, and the assessment of a late charge shall not affect the right of Issuer to increase the rate of interest as herein provided on all amounts not paid when due. 8