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rate in excess of the Maximum Rate shall be reduced by appropriate credits to the balance owing <br /> at maturity hereunder so that the Maximum Rate shall not be exceeded. <br /> 12. Notice. Any demand or notice to be made or given by the Holder to Maker <br /> under the terms hereof or any instrument now or hereafter relating to or securing this Note shall <br /> be effective when delivered by registered mail, return receipt requested, postage prepaid, to the <br /> Maker. <br /> 13. Governing Law. This Note shall be governed by and construed in accordance <br /> with the laws of the State of Washington and applicable federal law. <br /> 14. Nonrecourse. Notwithstanding any other provision hereof or of any other <br /> instrument relating to or securing this Note, the Maker, its successors and assigns and their <br /> respective members, officers, directors and employees shall not have any personal liability for the <br /> indebtedness evidenced hereby or any deficiency judgment, and upon the occurrence of a default <br /> or event of default hereunder, the Holder hereof shall look solely to the instruments by which this <br /> Note is secured and the Premises constituting the security, together with the rents, issues, and <br /> profits thereof, for satisfaction of the indebtedness, and resort shall not be made to any other <br /> property of the Maker; PROVIDED, HOWEVER, that nothing herein contained shall limit or be <br /> construed to limit or impair the enforcement against said Premises of the rights and remedies of <br /> the Holder hereof, including the joinder of the Maker in any action to foreclose the liens and <br /> security interests securing this Note, and PROVIDED, FURTHER, that nothing herein shall <br /> diminish Maker's liability for damages or deficiencies resulting from theft, waste, fraud, material <br /> misrepresentation or misuse of rents. <br /> 15. Loan Agreement. This Note is subject to the terms and conditions of the AHTF <br /> Agreement. Disbursement of the funds evidenced by this Note is to be made subject to the terms <br /> and conditions of said AHTF Agreement. Capitalized terms used but not otherwise defined in this <br /> Note shall have the meanings ascribed to them in the AHTF Agreement. <br /> 16. Casualty Loss or Condemnation. In the event of any fire or other casualty to <br /> the Project or eminent domain proceedings resulting in condemnation of the Project or any part <br /> thereof, Maker shall have the right to rebuild the Project, and to use all available insurance or <br /> condemnation proceeds therefor, PROVIDED, that (a) such proceeds are sufficient to keep the <br /> Loan in balance and rebuild the Project in a manner that provides adequate security to Holder for <br /> repayment of the Loan, or, if such proceeds are insufficient, then Maker shall have funded any <br /> deficiency; (b) Holder shall have the right to review and approve any plans and specifications for <br /> any major rebuilding; and (c) no material default then exists under the Loan Documents. If the <br /> casualty or condemnation affects only part of the Project and total rebuilding is infeasible, then <br /> proceeds may be used for partial rebuilding and partial repayment of the Loan in a manner that <br /> provides adequate security to Holder for repayment of the remaining balance of the Loan. <br /> ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, TO EXTEND CREDIT <br /> OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE <br /> UNDER WASHINGTON STATE LAW. <br /> MAKER: <br /> Exhibit B <br /> City of Everett <br /> HopeWorks Station Residential <br /> Page 3 of 5 <br />