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MISCELLANEOUS <br />3.1. WAIVER. The rights and remedies of City under this Note shall be <br />cumulative and not alternative. No waiver by City of any right or remedy under this Nate <br />shall be effective unless set forth in a writing signed by City. Neither the failure nor any <br />delay in exercising any right, power or privilege under this Note will operate as a waiver of <br />such right, power or privilege, and no single or partial exercise of any such right, power or <br />privilege by City will preclude any other or further exercise of such right, power or privilege <br />or the exercise of any other right, power or privilege. To the maximum extent permitted by <br />applicable law {a) no claim or right of City arising out of this Note can be discharged by City, <br />in whole or in part, by a waiver or renunciation of the claim or right unless set forth in a <br />writing, signed by City; (b) no waiver that maybe given by City will be applicable except in <br />the specific instance for which it is given; and {c) no notice to or demand on Borrower will be <br />deemed to be a waiver of any obligation of Borrower or of the right of City to take further <br />action without notice or demand as provided in this Note. Borrower hereby waives <br />presentment, demand, protest, notices of dishonor and of protest and ail defenses and pleas on <br />the grounds of any extension or extensions of the time of payment or of any due date under <br />this Note, in whole or in part, whether before or after maturity and with or without notice. <br />3.2. NOTICES. Any notice required or permitted to be given hereunder shall be <br />given in accordance with Section 11.3 of the Regulatory_Agreement. <br />3.3. SEVERABILITY. If any provision in this Note is held invalid or <br />unenforceable by any court of competent jurisdiction, the other provisions of this Note will <br />remain in full force and effect. Any provision of this Note held invalid or unenforceable only <br />in part or degree will remain in full force and effect to the extent not held invalid or <br />unenforceable. <br />3.4 GOVERNING LAW. This Note shall be governed by the laws of the State of <br />California without regard to principles of conflicts of laws. All persons and entities in any <br />manner obligated under this Note consent to the jurisdiction of any federal or state court <br />within California having proper venue. <br />3.5 PARTIES IN INTEREST. This Note shall bind Borrower and its successors <br />and assigns 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 <br />Note axe 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 <br />under this Note is solely that of borrower and lendex, and the loan evidenced by this Nate and <br />secured by the City Deed of Trust will in no manner establish City and Borrower as partners, <br />co-venturers, or principal and agent with one another. <br />3.8 TIME IS OF THE ESSENCE. Time is of the essence with respect to every <br />provision of this Note. <br />3.9 NONRECOURSE. Except as expressly provided in this Section 3.9, neithex <br />Borrower nor Borrower's paxtrlexs, officers, directors, employees and agents shall have any <br />direct or indirect personal liability for payment of the principal of, or interest on, this Note, <br />and the sole recourse of City with respect to the payment of the principal of, and interest on, <br />SECURED PROMISSORY NOTE 6 <br />MISSION BELL APARTMENTS <br />1232840-4 <br />