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F. Security. This Note is secured by the Deed of Trust which encumbers certain real property <br />located in the City of San Leandro, County of Alameda, State of California, and located at 2420-2424 <br />Merced Street, San Leandro, California. <br />G. Governing Laws. This Note and the Deed of Trust shall be governed by and construed in <br />accordance with the laws of the State of California. <br />H. Presentment. All parties who are obligated to pay any portion of the indebtedness <br />represented by this Note, whether as principal, or endorser, hereby waive presentment for payment, <br />demand, protest, notice of protest and notice of dishonor, and all other notices to which they might <br />otherwise be entitled, and further waive all defenses based on release of security, extension of time or <br />other indulgence given in respect to payment of this Note, to whomsoever given, and further waive all <br />defenses, generally, except the defense of actual payment of this Note according to its tenor. This Note is <br />a non -recourse Note. <br />I. Assignment. Subject to the foregoing, the terms of this Note shall be binding upon and <br />inure to the benefit of the respective heirs, successors in interest and assigns of Maker and Holder. <br />J. Time is of the Essence. Time is of the essence with respect to each and every provision <br />hereof. If any provision hereof is found to be invalid or unenforceable by a court of competent jurisdiction, <br />the invalidity thereof shall not affect the enforceability of the remaining provisions of this Note. <br />WANIBI <br />MERCED STREET PROPERTY, LLC <br />By: — C_ �� <br />Its: <br />J:\wpd\Mnrsw\432\025\Agreement\Prom Note.Gen Foundry 12-11.3.doc <br />2 <br />