RDA Agmt 2000 American Baptist Homes of the West Inc etc

Home

permitted to be charged by non-exempt lenders under the usury laws of the State of Califomia. Notwithstanding the aforementioned,. in the event that the default is non-monetary in nature and cannot reasonably be cured within thirty (30) days, then Maker shall not be deemed in default if Maker commences to cure as soon as reasonably possible and diligently prosecutes cure to completion. 4. If the Maker, prior to the due date, sells, transfers, conveys, or assigns Maker's interest in the Property (as defined in the Deed) to or in favor of any. person or entity, without prior written consent of Holder, then all principal shall immediately become due and payable. Notwithstanding the aforementioned, Maker shall have the right to assign Maker's interest in the Property to any settlor or beneficiary of Maker, or any entity which is principally controlled by Maker, without having to procure prior written consent of Holder. 5. This Note and the Deed between the Maker and the Holder shall be governed by and construed in accordance with the laws of the State of California. 6. All parties who are obligated to pay any portion of the indebtedness represented by this Note, whether as principal, surety, guarantor or endorser, hereby waive presentment for payment, demand, protest, notice of protest and notice of dishonor, and all other notices to which they might otherwise be entitled, and further waive all defenses based on release of security, extension of time or other indulgence given in respect to payment of this Note, to whomsoever given, and further waive all defenses, generally, except the defense of actual payment of this Note according to its tenor. 7. If any sums due under this Note are not paid when due, the Maker hereby covenants and agrees to pay all the Holder's costs and expenses of collection, whether by suit or otherwise, at any time or from time to time incurred, including the Holder's reasonable attorneys' fees. 9. Subject to the foregoing, the terms of this Note shall be binding upon and inure to the benefit of the respective heirs, successors in interest and assigns of the Maker and the Holder. 10. Maker, including its officers, directors, members and sponsors, shall not be personally liable for the amounts due under this Note. In the event that there is an Event of Default declared by Holder as defined in the DDA, Holder shall look only to the Real Property secured by the Deed of Trust for satisfaction of the indebtedness of Maker as evidenced by this Note. Promissory Note (ABHOUI~ Redevelopment Agency Page 2