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and the interest rate shall once again be the rate specified in the first paragraph of this Note. <br /> Notwithstanding the foregoing provisions, if the interest rate charged exceeds the maximum <br /> legal rate of interest, the rate shall be the maximum rate permitted by law. The imposition or <br /> acceptance of the Default Rate shall in no event constitute a waiver of a default under this Note <br /> or prevent City from exercising any of its other rights or remedies. <br /> 2.4 LIMITED PARTNERS RIGI•IT TO CURE. Borrower's limited partners shall <br /> have the right to cure any default of Borrower hereunder pursuant to the terms of the Loan <br /> Agreement. Any cure tendered by a limited partner of Borrower shall be deemed to be a cure by <br /> Borrower and shall be accepted or rejected on the same basis as if tendered by Borrower. <br /> 3. MISCELLANEOUS <br /> 3.1 WAIVERS: BORROWER'S WAIVERS. No waiver by City of any right or <br /> remedy under this Note shall be effective unless in a writing signed by City. Neither the failure <br /> nor any delay in exercising any right, power or privilege under this Note will operate as a waiver <br /> of 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 or <br /> the exercise of any other right, power or privilege. No waiver that may be given by City will be <br /> applicable except in the specific instance for which it is given. No notice to or demand on <br /> Borrower will be deemed to be a waiver of any obligation of Borrower or of the right of City to <br /> take further action without notice or demand as provided in this Note. <br /> To the maximum extent permitted by applicable law Borrower hereby waives <br /> presentment, demand, protest, notices of dishonor and of protest and all defenses and pleas on <br /> the grounds of any extension or extensions of the time of payment or of any due date under this <br /> 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 given <br /> in accordance with Section 9.3 of the Loan Agreement. <br /> 3.3 SEVERABILITY. If any provision in this Note is held invalid or unenforceable <br /> by any court of competent jurisdiction, the other provisions of this Note will remain in full force <br /> and effect. Any provision of this Note held invalid or unenforceable only in part or degree will <br /> remain in full force and effect to the extent not held invalid or unenforceable. <br /> 3.4 GOVERNING LA \V: VENUE. This Note shall be governed by the laws of the <br /> State of California without regard to principles of conflicts of laws. Any legal action filed in <br /> connection with this Note shall be filed in the Superior Court of Alameda County, California, or <br /> in the Federal District Court for the Northern District of California. <br /> 3.5 PARTIES IN INTEREST. This Note shall bind Borrower and its successors and <br /> assigns and shall accrue to the benefit of City and its successors and assigns. <br /> 3.6 SECTION HEADINGS. CONSTRUCTION: AMENDMENTS. The headings of <br /> Sections in this Note are provided for convenience only and will not affect its construction or <br /> interpretation. There shall be no amendment to or modification of this Note except by written <br /> instrument executed by Borrower and City. <br /> 1753869.4 6 <br />