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7 � <br /> 277M/7TZ56 � <br /> subsritute general paruier is reasonably approved by Holder. Holder shall approve of any <br /> substitute general parmer that has been approved by Maker's tax credit limited partner or any of <br /> the lenders with prior liens on the Property. Tcansfer of Project by exercise of oprion or ROFR <br /> does not accelerate the manuiry of the loaa. <br /> 7. Curin¢ of Monetarv Defaults. A default in payment of any amount due hereunder <br /> may be cured only by payment in full of such amount plus the additional interest from the dau of <br /> default on the unpaid principa( ba!aace as of the date of default until the date of payment <br /> nsultiag from application of a default nu of interest as provided herein, if any, that may be due <br /> hereunder or under any instrument refating to or securing this Note, plus any attorneys' fees <br /> incurred by the Holder by reason of such default. <br /> 8. Nonwaiver. Failure to exercise any right the Holder may have or be rntitled to in <br /> the event of any default hereunder shall not constitute a waiver of such right or any other right in <br /> the event of any subsequent default <br /> 9. Waiver of Presentment. The Maker and all guazantors and endorsers hereof <br /> hereby severally waive presentment for payment, protests and demand, notice of pro:est, <br /> demaz d, dishonor and nonpayment of this Note, and consent that the Holdr•r hereof may extend <br /> the time of payment or otherwise modify the terms of payment of any part or the whole of the <br /> debt evidenced by this Note, by agreement between the Holder and Maker, and such consent <br /> shall not alter or diminish the liab�lity of any person or the en;orceabiliry of this Note. Each and <br /> every parry sigaing for endorsing this Note binds iuelf as a principal and not as a surery. This <br /> Note shall bind the undersigned and its successors and assigns,jointly and severalIy. <br /> 10. Securitv of Note. This Note is secured by a Deed of Trust (the "Deed of Trust") <br /> of even date herewith granted by Maker covering property in Snohomish Counry, Washington, <br /> together with rhe buildings and improvements now or hereafter erected diereon(the "Premises'�. <br /> 11. Collection Costs. Maker agreos to pay all costs, includind reasonable attomeys' <br /> fees, incurred by Holder hereof in any suit, action or appeal therefrom, or without suit, in <br /> connection with collection hereof, foreclosure of the Deed of Trust or enforcement of any <br /> instrument securing payment hereof or otherwise relating to or securing this Note. <br /> 12. Maximum Interest. Neither this Note nor any insuument securing payment hereof <br /> or otherwise relating to the debt evidenced hereby shall require the payment or pennit the <br /> collection of interest in excess of the maximum permitted by any applicable usury statute or any <br /> other law (the "Maximum Rate'�. If this Note or any other such instrument does so provide, the <br /> provisions of this paragraph shall govem, and neither Maker nor any endursers of this Note nor <br /> their respeccive heirs, personal representatives, successors or assigns shall be obligated to pay the <br /> amount of interest in excess of the Maximum Rate. In such event, the interest rate in excess of <br /> the Maximum Rate shall be reduced by appropriate credits to the balance owing at maturity <br /> hereunder so that the Maximum Rate shall not be erceeded. <br /> 83 <br /> 7R25:\?IA.S1H 2 I <br /> I <br /> I <br />