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. - effect. Such increased monthly payments shall commence, and the rayment of such difference shall be made on a date specified by the Lender in written notice given to the Borrower by the Lender of the exercise of such option, not less than thirty (30) days after the date on which such written notice is given. If a Determination of Tax- ability shall have occurred, the City, at the direction of the Bor- rower, shall have the right to prepay this Note, in whole or in part, within six months of the Determination of Taxability, at par, plus accrued interest including the additional interest described in the foregoing portions of this paragraph. principal installments of this Note are subject to prepayment prior to maturity, at the option of the City upon direction of the Borrower, in whole or in part, at any time after December 1, 1981; provided that (i) the Lender may require that any partial prepayment shall be made on the date that a monthly installment is due in an amount equal to that part of one or more monthly installments which would be applicable to principal and (ii) the Borrower has given the Lender written notice of the amount intended to be prepaid at least thirty (30) days prior to such prepayment. In addition, together with any such prepayment, a premium shall be paid, expressed as a per- centage of the principal amount of the Note being prepaid as follows: Prepayment Date Prepayment Premium t Occurring in the first loan year 10% Occurring in the second loan year 9% Occurring in the third loan year 8% Occurring in the fourth loan year 7% Occurring in the fifth loan year 6% Occurring in the sixth loan year 5% Occurring in the seventh loan year 4% occurring in the eighth loan year 3% Occurring in the ninth loan year 2% Occuring in the tenth loan year and thereafter 1% For these purposes the term "loan year" refers to annual periods commencing December 1, 1981, and on December 1 of each year there- after. Such premium shall be payable with respect to prepayments accruing as a result of the acceleration by the Lender of the prin- cipal amount pursuant to the provisions of the Loan Agreement, Dis- bursing Agreement, Mortgage or Assignment, hereinafter described. Such premium shall not be payable, however, with respect to prepay- ments required pursuant to call by the Lender or the Holder at the date of the tenth anniversary of the date of this Note or thereafter, as hereinafter provided, nor to prepayments occurring because of the provisions of the Mortgage pertaining to the proceeds of insurance or condemnation awards. ,. Prepayments shall be applied first to the payment of accrued interest and late fees (as hereinafter described), if any, and the alance of any prepayment shall be applied to the installments payable ereunder in the inverse order of their maturity; so that the making of any prepayment shall not extend or postpone the due date for any 2.