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<br />6. Default. <br /> <br />(a) Any of the following shall constitute an event of default under this <br /> <br />Note: <br /> <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 /> <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 /> <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 /> <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 /> <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 /> <br />7. Miscellaneous Provisions. <br /> <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 /> <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 /> <br />(c) This Note shall be governed by and construed in accordance with <br />the laws of the State of California. <br /> <br />(d) The times for the performance of any obligations hereunder shall <br />be strictly construed, time being of the essence. <br /> <br />2 <br /> <br />144\105\217603.5 <br />