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permitted by applicable law (a) no claim or right of City arising out of this Note can be <br /> discharged by City, in whole or in part, by a waiver or renunciation of the claim or right <br /> unless in a writing, signed by City; (b) no waiver that may be given by City will be <br /> applicable except in the specific instance for which it is given; and (c) no notice to or <br /> demand on Successor Agency will be deemed to be a waiver of any obligation of <br /> Successor Agency or of the right of City to take further action without notice or demand <br /> as provided in this Note. Successor Agency hereby waives presentment, demand, <br /> protest, notices of dishonor and of protest and all defenses and pleas on the grounds of <br /> any extension or extensions of the time of payment or of any due date under this Note, <br /> in whole or in part, whether before or after maturity and with or without notice. <br /> 8.2 SEVERABILITY. If any provision in this Note is held invalid or <br /> unenforceable by any court of competent jurisdiction, the other provisions of this <br /> Note will remain in full force and effect. Any provision of this Note held invalid or <br /> unenforceable only in part or degree will remain in full force and effect to the extent <br /> not held invalid or unenforceable. <br /> 8.3 GOVERNING LAW. This Note shall be governed by the laws of the State <br /> of California. <br /> 8.4 PARTIES IN INTEREST. This Note shall bind Successor Agency and its <br /> successors and assigns and shall accrue to the benefit of City and its successors and <br /> assigns. <br /> 8.5 SECTION HEADINGS, CONSTRUCTION. The headings of Sections in <br /> this Note are provided for convenience only and will not affect its construction or <br /> interpretation. <br /> 8.6 TIME IS OF THE ESSENCE. Time is of the essence with respect to every <br /> provision of this Note. <br /> SIGNATURES ON FOLLOWING PAGE <br /> 1873412.1 3 <br />