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(b) The entire principal amount advanced by the Agency or Holder to the Borrower plus any unpaid or accrued interest thereon shall be due and payable in full on , 19_. 4. Late Charge. The Borrower agrees that it would be impracticable or extremely difficult to fix the actual damage to the Holder hereof in the event the Borrower shall be late in the making of any payment due hereunder. Therefore, in the event the Borrower shall fail to make any such payment within ten (10) days after the due date thereof, the Holder hereof, at its option and in addition to any other remedy hereunder, may impose upon the Borrower, and the Borrower shall pay, a "late charge" of two percent (2 %) of the amount of such delinquent payment. BORRCWER'S ACKNOWLEDGEMENT OF LATE CHARGE PROVISION 5. Place and Manner of Payment. All amounts due and payable under this Note and the Loan Documents are payable at the principal office of the Agency set forth above, or at such other place or places as the Holder hereof may designate to the Borrower in writing from time to time, in any coin or currency of the United States of America which on the respective dates of payment thereof shall be legal tender for the payment of public and private debts and which on the respective dates on which such payments are due shall be immediately available funds. 6. Application of Payments. All payments received on account of this Note shall be first applied to accrued interest and the remainder shall be applied to the reduction of principal, except that if the Holder hereof shall have made additional advances under the terms of the Loan Documents and such advances shall not have been repaid, any moneys received by the Holder hereof pursuant to the provisions hereof, at the option of the Holder hereof, may be applied first to the repayment of such advances and interest thereon and the balance, if any, shall be applied as aforesaid. 7. Application of Overpayments. If at any time the Borrower shall have paid interest hereunder in an amount greater than the amount then due, such excess amount, at the option of the Holder hereof, may be deposited by the Holder hereof in a reserve fund for the Development established by the Holder or credited on the payment next due hereunder. 8. Borrower's Waiver. The Borrower and every guarantor of this Note, or of the obligation represented by this Note, hereby waives (a) notice of default or delinquency, (b) notice of acceleration, (c) notice of non - payment, (d) notice of costs, expenses and losses and interest thereon, (e) notice of interest on interest and late charges, (f) diligence in taking any action to collect any sums owing under the Note or in proceeding against any of the rights and interests in and to properties securing CHFA 51P (RIDGE VIEW /SECOND) -2- 12/06/88 YO1380