2007/05/16 Council Agenda Packet

8. BORROWER'S WAIVERS I waive my rights to require the Holder to do certain things. Those things are: (A) To demand payment of amounts due (known as "presentment"); (B) To give notice that amounts due have not been paid (known as "notice of dishonor"); (C) To obtain an official certification of nonpayment(known as "protest"). Anyone who agrees to make payments to the Holder if I fail to keep my promises under this Note, or who signs this Note to transfer it to someone else, also waives these rights. These persons are known as "guarantors, sureties and endorsers." 9. GIVING OF NOTICES Any notice that may be given to me under this Note will be given to me under this Note may be given by delivering it, or by mailing it first class mail addressed to me at the Property address above. Any notice will be delivered or mailed to me at a different address if I give the Holder written notice of my different address. I will give any notice to the Holder under this Note by mailing it by first class mail to the Holder at the address stated in Paragraph 6 above. I will mail any notice to the Holder at a different address if the Holder gives me written notice of that different address. 10. ATTORNEYS' FEES If Holder refers this Note to an attorney for collection or seeks legal advice following a default under the Note or, under any other loan document, or in case of bankruptcy of the Borrower, I agree to pay reasonable attorney's fees for services performed by the Holder's attorneys, including the reasonable value of services of the Holder's staff attorneys, and all related costs and expenses. The Holder shall have the option of requiring immediate payment of any amount which becomes due and owing under this Paragraph or adding such amount to the principal of the loan. 11. RESPONSIBILITY OF PERSONS UNDER THIS NOTE If more than one person signs this Note, each of us is fully and personally obligated,jointly and severally, to pay the full amount owed and to keep all of the promises made in this Note. Any guarantor, surety, or endorser of this Note is also obligated to do these things. The Holder may enforce its rights under this Note against each of us individually or against some or all of us together. This means that any one of us may be required to pay all of the amounts owed under this Note. Any person who assumes my obligations under this Note must keep all of my promises made in this Note. Any person who assumes (with or without Holder's approval)the obligations of a guarantor, surety, or endorser of this Note is also obligated to keep all of the promises made in this Note. I understand that the consent of the Holder is required for any person to assume my obligations under this Note, and that Holder may withhold such consent in its sole discretion. 12. TIME Time is of the essence of the terms of this Note. NOTICE: ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT,OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT,ARE NOT ENFORCEABLE UNDER WASHINGTON LAW. ** SNOCO.NOTE 5J C- 4