Everett Gospel Mission 11/12/2024

in connection with collection hereof, foreclosure of the Deed of Trust, or enforcement of any instrument securing payment hereof or otherwise relating to or securing this Note. 12.Maximum Interest. Neither this Note nor any instrument securing payment hereof or otherwise relating to the debt evidenced hereby shall require the payment or permit the collection of interest in excess of the maximum permitted by any applicable usury statute or any other law (the "Maximum Rate"). If this Note or any other such instrument does so provide, the provisions of this paragraph shall govern, and neither Maker nor any endorsers of this Note nor their respective heirs, personal representatives, successors, or assigns shall be obligated to pay the amount of interest in excess of the Maximum Rate. In such event, the interest rate in excess of the Maximum Rate shall be reduced by appropriate credits to the balance owing at maturity hereunder so that the Maximum Rate shall not be exceeded. 13.Notice. Any demand or notice to be made or given by the Holder to Maker under the terms hereof or any instrument now or hereafter relating to or securing this Note shall be effective when delivered by registered mail, return receipt requested, postage prepaid, to the Maker. 14.Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Washington and applicable Federal law. 15.Nonrecourse. Notwithstanding any other provision hereof or of any other instrument relating to or securing this Note, the Maker, its successors and assigns and their respective partners, officers, directors and employees shall not have any personal liability for the indebtedness evidenced hereby or any deficiency judgment, and upon the occurrence of a default or event of default hereunder, the Holder hereof shall look solely to the instruments by which this Note is secured and the Premises constituting the security, together with the rents, issues, and profits thereof for satisfaction of the indebtedness, and resort shall not be made to any other property of the Maker; PROVIDED, HOWEVER, that nothing herein contained shall limit or be construed to limit or impair the enforcement against said Premises of the rights and remedies of the Holder hereof, including the joinder of the Maker in any action to foreclose the liens and security interests securing this Note and PROVIDED, FURTHER, that nothing herein shall diminish Maker's liability for damages or deficiencies resulting from theft, waste, fraud, material misrepresentation or misuse of rents. 16.Loan Agreement. This Note is subject to the terms and conditions of the Loan Agreement executed between Maker and Holder regarding the Project. Disbursement of the funds evidenced by this Note is to be made subject to the terms and conditions of Loan Agreement. Capitalized terms used but not otherwise defined in this Note shall have the meanings ascribed to them in the Agreement. 17.Casualty Loss· or Condemnation. In the event of any fire or other casualty to the Project or eminent domain proceedings resulting in condemnation of the Project or any part thereof, Maker shall have the right to rebuild the Project, and to use all available insurance or condemnation proceeds to which Maker is entitled therefor, PROVIDED that (a) such proceeds are sufficient to keep the Loan in balance and rebuild or cause the rebuilding of the Project in a manner that provides adequate security to Holder for repayment of the Loan, or, if such proceeds are insufficient, then Maker shall have funded any deficiency; (b) Holder shall have the right to approve plans and specifications for any major rebuilding and the right to approve disbursements of insurance or condemnation proceeds to which Maker is entitled for rebuilding under a construction escrow or similar arrangement; and (c) no material default then exists under the Loan Documents. C-3