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(i) If on any Interest Payment Date the Net Proceeds in the Special Allocation Fund are insufficient to pay scheduled principal and accrued interest then due and owing, the amount of the deficiency (the "Annual Deficiency") shall be carried forward as an amount due and owing hereunder. So long as the amount of any Annual Deficiency is carried as a liability on the City's financial records with respect to the Special Allocation Fund, the existence of such Deficiency shall not be deemed an event of default hereunder and shall not be cause for acceleration of this Note; (ii) If on any Interest Payment Date the Net Proceeds in the Special Allocation Fund are in excess of the amount required to pay the accrued interest then due and owing, all such excess Net Proceeds shall be applied by the City as follows: First, to the satisfaction of all outstanding Annual Deficiencies under this Note and all other Notes executed and dehvered pursuant to the Redevelopment Agreement, as the same may from time to time be amended, allocated in accordance with the then outstanding principal balances thereof; Second, to prepayment of principal of this Note and all other such Notes executed and delivered pursuant to the Redevelopment Agreement, as the same may from time to time be amended, allocated in accordance with the then outstanding principal balances thereof, until all such Notes are repaid in full; and Third, to the taxing districts in the Area, as required by law; The Principal Amount of this Note is subject to redemption at the option of the City in whole at any time and in part on any Interest Payment Date at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued interest to the date of redemption, without premium. Notice of any such redemption shall be sent by registered or certified mail not less than five (5) days nor more than sixty (60) days prior to the date f~xed for redemption to the Registered Owner of this Note at the address shown on the registration books of the City maintained by the Registrar or at such other address as is furrushed in writing by such Registered Owner to the Registrar. This Note shall be transferable by the Registered Owner hereof or by his/her attorney duly authorized in writing at the principal office of the Registrar but only upon surrender and cancellation of this Note. The right to transfer, assign, or negotiate this Note shall be limited to transfer, assignment, or negotiation to an "acco'edited investor", as hereinafter defined. THE OWNER HEREOF EXPRESSLY AGREES, BY SUCH OWNER'S ACCEPTANCE HEREOF, THAT THE RIGHT TO TRANSFER, ASSIGN OR NEGOTIATE THIS NOTE SHALL BE LIMITED TO TRANSFER, ASSIGNMENT OR NEGOTIATION TO AN "ACCREDITED INVESTOR", AS THAT TERM IS USED AND DEFINED AT 17 C.F.R. SECTION 230.501. Upon such transfer a new Note of authorized denomination of the same maturity and for the same aggregate principal amount and bearing the same rate of interest will be issued to the transferee in exchange herefor. The Registrar shall not be required to transfer this Note during the period beginning at the close of business on the fifteenth day of the month immediately prior to the Maturity Date of this Note nor to transfer this Note after notice calling this Note or a portion hereof for redemption has been mailed, nor during a period of five (5) days next preceding mailing of a notice of redemption of this Note. This Note is issued in fully registered form in the denomination of its outstanding principal amount. This Note may not be exchanged for a like aggregate principal amount of bonds of other denominations. The City and the Registrar may deem and treat the Registered O~vner of this Note as the absolute owner hereof for the purpose of receiving payment of or on account of principal hereof and for all other purposes and neither the City nor the Registrar shall be affected by any notice to the contrary.