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amount of the monthly payment shall be designated in a notice to the Borrower by the Agency and shall be computed by the Agency such that the payments will repay in full on a date not later than years and 11 months after the date for commencement of payments. (b) The Agency in its sole discretion may adjust the amount of interest charged hereunder by reducing such amount so as to preserve the tax - exempt status of interest on any debt obligations of the Agency. 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. BORROWER'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. CHFA 51P 6/1/88 V01640 -2-