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Borrower acknowledges and agrees that it is extremely difficult and impractical to ascertain the <br />extent of such costs and expenses and that proof of actual damages would be costly or <br />inconvenient. Borrower therefore agrees that interest at the increased rate of one and one-half <br />percent (1.5%) per annum over and above the interest rate contracted for in this Note represents a <br />reasonable sum considering all the circumstances existing on the date of this Note and represents <br />a fair and reasonable estimate of such costs and expenses. No delay or omission on the part of <br />the holder hereof in exercising any right hereunder or under any such deed of trust, security <br />agreement or other agreement shall operate as a waiver of such right or of any other right under <br />this Note or under any such deed of trust, security agreement or other agreement. <br /> <br /> If any payment of principal or interest due under this Note shall not be made within ten <br />(10) calendar days after the date when due, a late charge of two percent (2%) of the overdue <br />amount may be charged by the holder for the purpose of defraying the expenses incident to <br />handling such delinquent payments. Borrower acknowledges and agrees that it is extremely <br />difficult and impractical to ascertain the extent of such expenses and that proof of actual <br />damages would be costly or inconvenient. Borrower therefore agrees that such late charge <br />represents a reasonable sum considering all of the circumstances existing on the date of this Note <br />and represents a fair and reasonable estimate of the costs that will be sustained by the holder due <br />to the failure of the undersigned to make timely payments. Such late charge shall be paid <br />without prejudice to the right of the holder to collect any other amounts provided to be paid or to <br />declare a default under this Note or under the Deed of Trust referred to in this Note or from <br />exercising any of the other rights and remedies of the holder, including, without limitation, the <br />right to declare the entire balance of principal and accrued interest then remaining unpaid <br />immediately due and payable. <br /> <br /> In no event shall interest accrue or be payable hereon or under any such deed of trust, <br />security agreement or other agreement in excess of the maximum amount of interest permitted on <br />the date hereof by the laws of the State of California. <br /> <br /> Borrower shall have the right to prepay this Note in whole or in part at any time without <br />prepayment penalty or premium. <br /> <br /> If this Note is not paid when due, whether at its specified or accelerated maturity date, <br />Borrower promises to pay all costs of collection and enforcement of this Note, including, but not <br />limited to, reasonable attorneys' fees and costs incurred by the holder hereof on account of such <br />collection or enforcement, whether or not suit is filed hereon. <br /> <br /> Principal and interest shall be payable in lawful money of the United States without <br />setoff, demand or counterclaim. Presentment, notice of dishonor, and protest are waived by all <br />makers, and endorsers of this Note. Such parties expressly consent to any extension of the time <br />of payment hereof or any installment hereof, to any renewal, and to the release of any or all of <br />the security given for the payment of this Note or the release of any party liable for this <br />obligation. <br /> <br /> All agreements herein are expressly limited so that in no contingency or event <br />whatsoever, whether by reason of advancement of the proceeds of this Note, acceleration of <br />17996.00003'~BGLIB 1 \ 1083971.5 2 <br /> <br /> <br />