8447-93 Authorizing Economic Development Revenue (P.A.I. Properties $450,000)

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expenses of any judicial proceedings wherein the same may be made, and of all expenses, liabilities and advances made or incurred by the Issuer or the Trustee as permitted by this Loan Agreement, together with interest on all advances made by the Trustee at two percent (2%) above the National Prime Rate, adjusted monthly on the first day of the month, and to the payment of all taxes, assessments or liens prior to the lien of this Loan Agreement, except any taxes, assessments, liens, or other charges, subject to which the property shall have been sold. SECOND: To the payment of the whole amount then due, owing and unpaid upon the Notes for principal, interest and premium, if any; and in case such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon the Notes, then ratably according to the aggregate of such principal and the accrued and unpaid interest and premium, if any, without preference or priority as between principal, interest or premium; such application to be made upon presentation of the Notes and the notation thereon of the payment, if partially paid, or the surrender and cancellation thereof, if fully paid. THIRD: To the payment of any other sums required to be paid by the Borrower pursuant to any provisions of this Loan Agreement or of the Notes. FOURTH: To the payment of the surplus, if any, to the Borrower or its successors or assigns, upon the written request of the Borrower or to whomsoever may be lawfully entitled to receive the same upon its written request, or as any court of competent jurisdiction may direct. Section 7 .7. Payment of Defaulted Amounts on Demand of Trustee. In case the Borrower shall: (a) fail to pay any installment of interest on the Notes when and as the same shall become due and payable, as therein and herein expressed; or (b) fail to pay the principal of the Notes, when and as the same shall become due and payable, whether at maturity, on any installment payment date, or upon designation for prepayment or by declaration, or upon a sale as in Section 7 .5 hereof provided, or otherwise; then upon written demand of the Trustee, the Borrower will pay to the Trustee the whole amount which then shall have become due and payable on the Notes for interest or principal or both, as the case may be, and in addition thereto such further amount as shall be sufficient to cover the cost and expenses of collection, including a reasonable compensation to the Trustee, its agents, attorneys and -38-