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<br />( <br /> <br />EXHIBIT E <br /> <br />Form of Consortium Promissorv Note and Consortium Mortgage <br /> <br />FORM OF PROMISSORY NOTE <br /> <br />$_,000 <br /> <br />, 1995 <br /> <br />FOR VALUE RECEIVED, the undersigned Eligible Borrower (the "Eligible <br />Borrower"), promises to pay to the County of Cuyahoga Housing Consortium, a county and <br />political subdivision of the State of Ohio, duly organized and validly existing under and by virtue <br />of the laws of the State of Ohio and the principal sum of <br />DOLLARS ($ _,000) or such portion thereof as <br /> <br />shall have been advanced. <br /> <br />The Principal Amount of this Note shall be due and payable upon the sale or <br />transfer of the Eligible Property as provided for in Section 6.D.iv(a)(3) of the HOME Loan <br />Agreement dated _, 1995 made by and among The Eligible Borrower, the Cuyahoga Housing <br />Consortium (the "Consortium"), the County of Cuyahoga, Ohio and the City of Lakewood, Ohio <br />(the "Loan Agreement"). <br /> <br />Subject to the limitations contained in the preceding paragraph, this Note may be <br />prepaid in whole or in part at any time without penalty . <br /> <br />The occurrence of any of the following events is defined as and declared to be and <br />to constitute an Event of Default hereunder: <br />(i) failure by the Eligible Borrower to observe or perform any other covenant, <br />agreement or obligation on its part to be observed or performed contained in this <br />Agreement, which failure shall have continued for a period of sixty (60) days <br />after written notice, by registered or certified mail, to the Eligible Borrower <br />specifying the failure and requiring that it be remedied, which notice shall be <br />given by the Consortium; or <br /> <br />(ii) any representation or warranty made by the Eligible Borrower herein or in <br />any other instrument furnished in cmmection with this Agreement shall at any <br />time prove to have been false or misleading in any material respect wh~!1 made <br />or given; or <br /> <br />(iii) a default by the Eligible Borrower on any indebtedness secured by a <br />mortgage on the Eligible Property; provided that the mortgagee of such mortgage <br />has commenced foreclosure proceedings on such mortgage. <br /> <br />E-l <br />