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15 <br />12. Counterparts. This Bond Purchase Agreement may be executed by the parties <br />hereto in separate counterparts, each of which when so executed and delivered shall be an <br />original, but all such counterparts shall together constitute but one and the same instrument. <br /> <br />13. Severability. In case any one or more of the provisions contained herein shall <br />for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, <br />illegality or unenforceability shall not affect any other provision hereof. <br /> <br />14. State of California Law Governs. The validity, interpretation and performance <br />of this Bond Purchase Agreement shall be governed by the laws of the State. <br /> <br />8.C. - Page 237