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this Note of all the rights and remedies of the Holder hereof, or (b) be deemed in any way to impair the right of the Holder hereof to assert the unpaid principal amount of this Note as a demand for money within the meaning and intendment of Section 431.70 of the California Code of Civil Procedure or any successor provision thereto. The foregoing limitation of liability is intended to apply only to the obligation for the repayment of the principal of, and payment of interest on this Note; nothing contained therein is intended to relieve the Borrower and, if Borrower is a partnership, any general partner of Borrower of liability for (i) fraud or willful misrepresentation; (ii) the failure to pay taxes, assessments or other charges which may create liens on the real property described in the Loan Documents that are payable or applicable prior to any foreclosure under the Deed of Trust (to the full extent of such taxes, assessments or other charges); (iii) the retention of any rental income or other income arising with respect to the Development collected by Borrower after the Agency has given any notice that Borrower is in default to the full extent of the rental income or other income retained and collected by Borrower after the giving of any such notice; (iv) the fair market value as of the time of the giving of any notice referred to in subparagraph (iii) above of any personal property or fixtures removed or disposed of by Borrower other than in accordance with the Loan Documents after the giving of any notice referred to above; and (v) the misapplication of any proceeds under any insurance policies or awards resulting from condemnation or the exercise of the power of eminent domain or by reason of damage, loss or destruction to any portion of the Development. 13. Prepayment. With ten (10) days prior written notice to the Holder hereof, the Borrower may prepay the indebtedness evidenced by this Note, or any part thereof, prior to or in advance of the time or times for payment herein provided. 14. Governing Law. This Note shall be construed in accordance with and be governed by the laws of the State of California. 15. Severability. If any provision of this Note shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby. 16. Time. Time is of the essence in this Note. 17. No Waiver by the Agency. No waiver of any breach, default or failure of condition under the terms of the Note or the Loan Documents or the obligations secured thereby shall be implied from any failure of the Agency to take, or any delay by the Agency in taking, action with respect to such breach, default CHFA 51P (RIDGE VIEW /SECOND) -4- 12/06/88 YO1380