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3. Prepayment. The Borrower may prepay all or any portion of the amounts due under this Note at any time without penalty. 4. Place and Manner of Payment. All amounts due and payable under this Note are payable at the principal office of the Agency set forth above, or at such other place or places as the Holder hereof may designate to the Borrower in writing from time to time, in any coin or currency of the United States of America which on the respective dates of payment thereof shall be legal tender for the payment of public and private debts and which on the respective dates on which such payments are due shall be immediately available funds. 5. Application of Payments. All payments received on account of this Note shall be first applied to accrued interest and the remainder shall be applied to the reduction of principal. 6. Porrower's Waiver. The Borrower and every guarantor of this Note, or of the obligation represented by this Note, hereby waives (a) notice of default or delinquency, (b) notice of acceleration, (c) notice of non - payment, (d) notice of costs, expenses and losses and interest thereon, (e) notice of interest on interest and late charges, (f) diligence in taking any action to collect any sums owing under the Note or in proceeding against any of the rights and interests in and to properties securing payment of the Note, (g) presentment for payment, demand, protest, and notices of dishonor and of protest, (h) the benefits of all waivable exemptions, and (i) all defenses and pleas on the grounds of any extension or extensions of the time of payment or of any due date under this Note, in whole or in part, whether before or after maturity and with or without notice. 7. Attorney's Fees. The Borrower hereby agrees to pay all costs and expenses, including reasonable attorney's fees, which may be incurred by the Holder hereof in the enforcement of this Note or any term or provision thereof. 8. Notices. Except as may be otherwise specifically provided herein, any approval, notice, direction, consent, request or other action by the Agency shall be in writing and may be communicated to the Borrower at the principal office of the Borrower set forth above, or at such other place or places as the Borrower shall designate to the Agency in writing, from time to time, for the receipt of communications from the Agency. 9. Governing Law. This Note shall be construed in accordance with and be governed by the laws of the State of California. 10. SeVerability. If any provision of this Note shall be invalid, illegal or unenforceable, the validity, legality and CHFA 51P (Ridge View Commons) 10/25/88 -2- Z01188(OGC)