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(the "Default Rate"); provided however, if any payment due hereunder is not paid when <br /> due, the Default Rate shall apply commencing upon the due date for such payment. <br /> When Successor Agency is no longer in default, the Default Rate shall no longer apply, <br /> and the interest rate shall once again be the rate specified in the first paragraph of this <br /> Note. Notwithstanding the foregoing provisions, if the interest rate charged exceeds the <br /> maximum legal rate of interest, the rate shall be the maximum rate permitted by law. <br /> The imposition or acceptance of the Default Rate shall in no event constitute a waiver of <br /> a default under this Note or prevent City from exercising any of its other rights or <br /> remedies. <br /> 10. MISCELLANEOUS <br /> 10.1 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 Note <br /> shall be effective unless in writing signed by City. Neither the failure nor any delay in <br /> exercising any right, power or privilege under this Note will operate as a waiver of such <br /> 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 <br /> privilege or the exercise of any other right, power or privilege. To the maximum extent <br /> 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 /> 10.2 SEVERABILITY. If any provision in this Note is held invalid or <br /> unenforceable by any court of competent jurisdiction, the other provisions of this Note <br /> 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 not <br /> held invalid or unenforceable. <br /> 10.3 GOVERNING LAW. This Note shall be governed by the laws of the State <br /> of California. <br /> 10.4 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 /> 10.5 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 /> 1873412.1 3 <br />