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7. REMEDIES. Upon the occurrence of an Event of Default hereunder, Lender may, <br />at its option (i) by written notice to Borrower, declare the entire unpaid principal balance <br />of this Note, together with all accrued interest thereon and all sums due hereunder, <br />immediately due and payable regardless of any prior forbearance, (ii) exercise any and <br />all rights and remedies available to it under applicable law, and (iii) exercise any and all <br />rights and remedies available to Lender under this Note and the other Loan Documents, <br />including without limitation the right to pursue foreclosure under the Deed of Trust. <br />Borrower shall pay all reasonable costs and expenses incurred by or on behalf of <br />Lender including, without limitation, reasonable attorneys' fees, incurred in connection <br />with Lender's enforcement of this Note and the exercise of any or all of its rights and <br />remedies hereunder and all such sums shall be a part of the indebtedness secured by <br />the Deed of Trust. <br />8. DEFAULT RATE. Upon the occurrence of an Event of Default, interest shall <br />automatically be increased without notice to the rate of ten percent (10%) per annum <br />(the “Default Rate”). When Borrower is no longer in default, the Default Rate shall no <br />longer apply, and the interest rate shall once again be the rate specified in Section 1 of <br />this Note. Notwithstanding the foregoing provisions, if the interest rate charged exceeds <br />the 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 Lender from exercising any of its other rights or <br />remedies. <br />9. MISCELLANEOUS. <br />9.1. WAIVER. The rights and remedies of Lender under this Note shall be <br />cumulative and not alternative. No waiver by Lender of any right or remedy under this <br />Note shall be effective unless in writing signed by Lender. Neither the failure nor any <br />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, <br />power or privilege by Lender will preclude any other or further exercise of such right, <br />power or privilege or the exercise of any other right, power or privilege. To the <br />maximum extent permitted by applicable law (a) no claim or right of Lender arising out <br />of this Note can be discharged by Lender, in whole or in part, by a waiver or <br />renunciation of the claim or right unless in a writing, signed by Lender; (b) no waiver that <br />may be given by Lender will be applicable except in the specific instance for which it is <br />given; and (c) no notice to or demand on Borrower will be deemed to be a waiver of any <br />obligation of Borrower or of the right of Lender to take further action without notice or <br />demand as provided in this Note. Borrower 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 />9.2. NOTICES. Any notice required or permitted to be given hereunder shall <br />be given in accordance with Section 7.1 of the Loan Agreement. <br />9.3. 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