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may be communicated to the Borrower at the principal office of <br />the Borrower set forth above, or at such other place or places as <br />the Borrower shall designate to the Lenders in writing, from time <br />to time, for the receipt of communications from the Lenders. <br />14. Nonrecourse Obliaatior. Neither the Borrower nor any <br />partner of the Borrower shall have any direct or indirect <br />personal liability for payment of the principal of, or interest <br />on, this Note. The sole recourse of the Lenders with respect to <br />the principal of, interest on, or any other obligations under <br />this Note, including but not limited to paragraph 6, shall be to <br />the property securing the indebtedness evidenced by the Note. No <br />judgment, or execution thereon, entered in any action, legal or <br />equitable, on this Note or the Deed of Trust securing this Note <br />shall be enforced personally against the Borrower or, if the <br />Borrower shall be a partnership, any partner of the Borrower, but <br />shall be enforced only against the property described in the Loan <br />Documents and such other or further security as, from time to <br />time, may be hypothecated for this Note; provided, however, that <br />nothing contained in the foregoing limitation of liability shall <br />(a) limit or impair the enforcement against all such security for <br />this Note of all the rights and remedies of the Lenders, or (b) <br />be deemed in any way to impair the right of the Lenders to assert <br />the unpaid principal amount of this Note as a demand for money <br />within the meaning and intendment of Section 431.70 of the <br />California Code of Civil Procedure or any successor provision <br />thereto. The foregoing limitation of liability is intended to <br />apply only to the obligation for the repayment of the principal <br />of, payment of interest on, or payment of other obligations under <br />this Note; nothing contained therein is intended to relieve the <br />Borrower and, if Borrower is a partnership, any general partner <br />of Borrower of liability for (i) fraud or willful <br />misrepresentation; (ii) the failure to pay taxes, assessments or <br />other charges which may create liens on the real property <br />described in the Loan Documents that are payable or applicable <br />prior to any foreclosure under the Deed of Trust (to the full <br />extent of such taxes, assessments or other charges); (iii) the <br />retention of any rental income or other income arising with <br />respect to the Development collected by Borrower after the <br />Lenders have given any notice that Borrower is in default to the <br />full extent of the rental income or other income retained and <br />collected by Borrower after the giving of any such notice; (iv) <br />the fair market value as of the time of the giving of any notice <br />referred to in subparagraph (iii) above of any personal property <br />or fixtures removed or disposed of by Borrower other than in <br />accordance with the Loan Documents after the giving of any notice <br />referred to above; and (v) the misapplication of any proceeds <br />under any insurance policies or awards resulting from <br />condemnation or the exercise of the power of eminent domain or by <br />reason of damage, loss or destruction to any portion of the <br />Development. <br />CHFA 51P.MBIA.PN <br />RIDGE VIEW(02 /05/90), <br />Q02400 <br />-5- <br />