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(c) Upon recordation of the Deed of Trust against the Property, this <br /> Note shall become nonrecourse to Borrower, pursuant to Section 2.7 of the Loan Agreement. <br /> 6. Default. <br /> (a) Any of the following shall constitute an event of default under this <br /> Note: <br /> (i) Any failure to pay, in full, any payment required under this <br /> Note when due following written notice by the Holder of such failure and thirty (30) days <br /> opportunity to cure; <br /> (ii) Any failure in the performance by Borrower of any term, <br /> condition, provision or covenant set forth in this Note subject to the notice and cure period set <br /> forth in Section 5.1 of the Loan Agreement; <br /> (iii) The occurrence of any event of default under the Loan <br /> Agreement, the Deed of Trust, or the Regulatory Agreement, or other instrument securing the <br /> obligations of Borrower under this Note or under any other promissory notes hereafter issued by <br /> Borrower to Holder pursuant to the Loan Agreement or the Deed of Trust, subject to notice and <br /> cure periods, if any, set forth therein; <br /> (iv) A default is declared under the Approved Financing as <br /> defined in the Loan Agreement) by the lender of such Approved Financing (subject to the notice <br /> and cure period set forth in Section 5.1 of the Loan Agreement). <br /> (b) Upon the occurrence of such an event of default, the entire unpaid <br /> principal balance, together with all interest thereon, and together with all other sums then <br /> payable under this Note and the Deed of Trust shall at the option of Holder become immediately <br /> due and payable upon written notice by Holder to Borrower without further demand. <br /> 7. Miscellaneous Provisions. <br /> (a) All notices to Holder or Borrower shall be given in the manner and <br /> at the addresses set forth in the Loan Agreement, or to such addresses as Holder and Borrower <br /> may hereinafter designate. <br /> (b) This Note may not be changed orally, but only by an agreement in <br /> writing signed by the party against whom enforcement of any waiver, change, modification or <br /> discharge is sought. <br /> (c) This Note shall be governed by and construed in accordance with <br /> the laws of the State of California. <br /> (d) The times for the performance of any obligations hereunder shall <br /> be strictly construed, time being of the essence. <br /> HELP Loan 2 <br /> 144V105\272754.2 <br />