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7 <br /> MBKR1744.)7256 <br /> 13. Nodce. Any demand or notice to be made or given under the terms hereof or any <br /> instrument now or hereafter relaRng to or securing this Note by the Holder to Maker- shall be <br /> effective when mailed or delivered by registered mail, postage prepaid, to the Maker at the <br /> address specified in paragraph 1 hereof, or such other address as the Maker shall notify the <br /> Holder in wricing. <br /> If a monetary event of default occius under the terms of any of the Loan Documents, <br /> before exercising .ny remedies thereunder Holder, shall give Nlaker and each of the general and <br /> limited parmers of the Partnership, as identified in tue Yartnership Agreement, simultaneous <br /> written notice of such default. Maker shall have a period o.f ten (10) days afrer such notice �s <br /> given within which to cure the default before exercise of remedies by Holder under the Loan <br /> Documenu, or such longer period of time as may be specified in the Loan Documents. <br /> If a nonmonetary event of default occurs under the terms of any of the Loan Documents, <br /> prior to exercising any remedies thereunder Holder shall give Maker and each of the general and <br /> limited partners of the Partnership, as identified in the Pazmership Agreement, simultaneous <br /> written notice of such default. If the default is reasonably capable of being cured within thirty <br /> (30) days, Maker shall have such period to effect a cure prior to exercise of remedies by Holder <br /> under the Loan Documents, or such longer period of time as may be specified in the Loan <br /> Documenu. If the default is such that it is not reasonably capabie of being cured within thirty <br /> (30) days or such longer period if so specified, and if Maker(a) initiates coaective acrion within <br /> �aid period, and (b) diligently, conrinually, and in good faith works te effect a cure as soon as <br /> possible, then Maker shall have such additional rime as is reasonably necessary to cure the <br /> default prior to exercise of any remedies by Holder. If Maker fails to take coaective acrion or to <br /> cure the default within a reasonable time, Holder shall give Maker and each of the general and" <br /> limited parmers of the Partnership written notice thereof, whereupon the limited partner may <br /> remove and repiace the general partner with a subsritute general par[ner who shall effect a cure <br /> within a reasonable time thereafter in accordance with the foregoing provisions. In no event <br /> shall Holder be precluded from exercising remedies if ia security becomes or is about to become <br /> materially jeopardized by any failure to cure a default or the default is not cured within sixry(60) <br /> days after the first notice of default is given, or such longer period of rime as may be specified, in <br /> the Loan Documents. <br /> 14. GoveminQ Law. This Note shall be governed by and construed in accordance <br /> with the laws of the state of Washington. Venue in any action arising hereunder shall be in <br /> Snohomish County Superior Courc. <br /> l5. Nonrecourse. Notwithstanding any other provision heceof, or of any other <br /> instrument relating to or securing this Note, neither the Maker nor any of its partners shall have <br /> any personat liability for che indebtedness evidenced hereby or any deficiency judgment, and <br /> upon the occurrence of a default or event of default hereunder thereunder, the Holder hereof shall <br /> look solely to the instruments by which this Note is secured and the Premises constituting the <br /> security and the rents, issues and profiu thereof for satisfaction of the indebtedness, and resorts <br /> shall not be made to any other property of the Maker; provided, however, nothing herein <br /> I7a�a.\'I R cJB:R73A7�b.S1& 3— U � <br />