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3.5 PARTIES IN INTEREST. This Note shall bind Borrower and its successors and assigns <br />and shall accrue to the benefit of City and its successors and assigns. <br />3,6 SECTION HEADINGS, CONSTRUCTION. The headings of Sections in this Note are <br />provided for convenience only and will not affect its construction or interpretation. <br />3.7 RELATIONSHIP OF THE PARTIES. The relationship of Borrower and City under this Note <br />is solely that of borrower and lender, and the loan evidenced by this Note will in no manner make City the <br />partner or joint venturer of Borrower. <br />3.8 TIME IS OF THE ESSENCE. Time is of the essence with respect to every provision of <br />this Note. <br />3.9 JOINT AND SEVERAL OBLIGATIONS. If this Note is executed by more than one person <br />as Borrower, the obligations of each shall be joint and several. <br />IN WITNESS WHEREOF, Borrower has executed and delivered this Note as of the date first <br />written above. <br />BORROWER: <br />CORNERSTONE COMMUNITY DEVELOPMENT CORPORATION <br />By: <br />Elizabeth arela, Executive Director <br />Date: , 2008 <br />Fiscal Year 08-09 B-3 <br />