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LA 85-- 002349 4.4. Limitations on i Interest Rate Cha Qe. There is no maximum or minimum nterest rate hereunder; however, the rate will never be increased to a rate which is greater than the Foundation's offering rate on new loans under CLEF CV anding any IR [Series 1985 -11 for similar purposes on the date notice of change is mailed. Notwithst provision in this note to the contrary, no charges provided for herein shall be charged, ower which collected, received, or shall be deemed to be required to be paid by the borr exceed the maximum amount allowable by law. In the event any amounts are collect and received in excess of the maximum amount allowable by law, the same shall collected applied to reduction of the principal amount owing under this note or refunded e borrower at the option of note holder. 4.5. Notice to Borrower of Change in CLEF Commercial Variable Interest Rate. Note holder will send Borrower notice of change o any changed rate et least 30 days and no more than 60 days before the interest adjustment date. The notice of change will contain information governing changes in the interest rate and the payment schedule, if any. This notice of change will also be sent whenever note holder foregoes an increase in the interest rate, which it is permitted but not required to do. 4.6. Amount of Payments Subject to Change. Beginning with the first scheduled Payment adjustment date in 1988 ever two ears January 1st shall he a v y y "payment adjustment date". Between payment adjustment dates any changes in the interest rate on this loan shall not change the required monthly principal and interest payment as provided for above. The borrower acknowledges that at each payment adjustment date the monthly payment will he adjusted to retire the then outstanding principal balance over a period equaling the remaining term of the mortgage or deed of trust securing the obligations evidenced herein; provided, however, that the remaining term may be based upon a shorter term if mutually agreed upon in writing by the borrower and note holder. Borrower shall pay any new monthly payment amount so determined commencing with the first day of the month following the payment adjustment date. S. BORROWER'S FAILURE TO PAY AS REQUIRED. 5.1. Installment Payment or Construction Loan Default and Notice Before Acceleration. , a ter a date sped led by a no ee to borrower, any mont ly installment tin er this note is not paid when due and remains unpaid, or default under the provisions of borrower's construction loan agreement with the Foundation remains uncured or unperformed, in either event the entire principal amount outstanding and accrued interest on the note shall, at the option of note holder, at once become due end payable. The date specified shall not he less than 30 days from the date such notice is mailed. Note holder may exercise this option to accelerate during any default b regardless of any prior forebearance. y borrower 5.2• Other Defaults and Acceleration Without Prior Notice or Demand. This note shalt, d the option of the holder, become immediately due and payable without notlee or demand upon the happening of any one of the additional following specified events; to wit. (1) Except for default on any monthly installment payment as stated above, default under the provisions of the mortgage or deed of trust executed by borrower for the benefit of the Foundation which secures this note and which remains a default after the lapse of any grace period expressly provided for in such mortgage or deed of trust, or default in the performance of any other monetary obligation to the holder; (2) insolvency, however evidenced, or the commission of nn act of insolvency; (3) the making of a general assignment for the benefit of creditors; (4) suspension of the transaction of the usual business or activities of the borrower; And (5) the past, present, or future making of a false representation or warranty by the borrower in connection with any indebtedness, encumbrance, loan or loans, or in connection with any of the horr activities, positions, or status. ower's religion" Said option to aeeolerate the floral maturity date upon default ,hall e.ontinue unlit all such defaults have been cured and till other amounts due rind payable have been paid. including, but not limited to, late completion charges, installment payments, into eharges, penalty interest, collection expenses, and attorney's fees. 5.3. ('osts find ,Attornc S Pill". If there is a default pursuant t^ tionrf 5.1 or 5.2, catch tr�nn ti� a nn thi4 note and seeurily mortgage or (seed of trust whall he jointly tied severally liable for all related rnyts and expanses, including note holder's nttornev's 1'nkre4%f9