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for payment of the indebtedness hereby secured shall operate to release, discharge, waive, modify, change or affect the liability of the Borrower and /or the City either in whole or in part. 5.4 Late Payment. The Lenders' acceptance of late payment of any sum shall not constitute a waiver of their rights to require prompt payment when due of all other indebtedness, or to declare a default for any failure so to pay, or to proceed with foreclosure or sale for any other default then existing. The Lenders' acceptance of partial payment of any sum after default shall not cure such default or affect any notice of default unless such notice of default is expressly revoked in writing by the Lenders. 5.5 The Lenders' Rights to Release. Without affecting the liability of any person for payment of any indebtedness hereby secured (other than any person released pursuant hereto), including without limitation any one or more endorsers or guarantors, and without affecting the lien hereof upon any of the Property not released pursuant hereto, at any time and from time to time without notice to the Borrower but with notice to the City: (a) The Lenders may, at their sole discretion, (i) release any person now or hereafter liable for payment of any or all such indebtedness, (ii) extend the time for or agree to alter the terms of payment of any or all of such indebtedness, and (iii) release or accept additional security for such indebtedness, or subordinate the lien or charge hereof; and (b) Trustee, acting pursuant to the written request of the Agency and MBIA, may reconvey all or any part of the Property, consent to the making of any map or plat thereof, join in granting any easement thereon, or join in any such agreement of extension or subordination. 5.6 Reconveyance. Upon written request of the Lenders stating that all sums and obligations secured hereby have been discharged, or otherwise as requested in writing by the Lenders, and upon surrender of this Deed of Trust and the Note and any additional loan notes to Trustee for cancellation, and upon payment to Trustee of its fees and expenses, Trustee shall reconvey, without warranty, the Property or that part thereof then held hereunder. The recitals in any reconveyance shall be conclusive proof of their truthfulness and the grantee in any such reconveyance may be described "as the person or persons legally entitled thereto." When the Property has been fully reconveyed, the last such reconveyance shall operate as a reassignment of all of the rents, royalties, issues, accounts and profits of the Property to the person or persons legally entitled thereto unless such reconveyance expressly provides to the contrary. 5.7 Events of Default. Any one or more of the following events shall constitute a default under this Deed of Trust: (a) failure of the Borrower and /or the City to pay the indebtedness CHFA 52P.RIDGE.VIEW.IST 01/06/90.Q02374 -8-