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...�,,. _ _ 07/27/2015 7.3.A. - Page 29 a) If an individual Borrower dies, and if the heir(s) to the Borrower elect(s) to assume ownership of the Property, the heir(s) may be permitted, upon approval of the City, to assume the Loan. 5. Events of Default; Acceleration of Payment. An Event of Default permitting Lender to declare all sums due hereunder immediately due and payable shall arise upon the occurrence of any of the items listed in Section 4 of the Loan Agreement. 6. Default Rate of Interest. Upon the occurrence of an Event of Default, the interest rate on the City's Loan will not increase. The accruing interest on the Loan will not deviate from the terms described in this Note upon an Event of Default. 7. Attorney's Fees. Borrower agrees to pay all costs and expenses, including reasonable attorney's fees, which Lender may incur in the collection or enforcement of this Note, whether or not suit is filed. 8. Late Charges. Lender reserves the right to take any and all actions necessary to collect any outstanding debt unpaid after the Maturity Date. Borrower will pay all costs of collection and reasonable attorneys' fees incurred by the Lender on account of such collection, whether or not suit is filed hereon. 9. No Offset; Borrower's Waivers. Borrower hereby waives any rights of offset it now has or may hereafter have against Lender, its successors and assigns, and agrees to make the payments called for hereunder in accordance with the terms of this Note. Borrower hereby waives diligence, presentment, protest, and demand, and notice of protest, notice of dishonor and notice of nonpayment of this Note, and expressly waives any rights to be released by reason of any extension of time or change in terms of payment, or change, alteration or release of any security given for the payments hereof, and expressly waives the right to plead any and all statutes of limitation as a defense to any demand on this Note. 10. Notices. Except as otherwise specified in the Loan Agreement, all notices to be sent pursuant to this Note shall be made in writing, and sent to the Parties at their respective addresses specified below or to such other address as a Party may designate by written notice delivered to the other Party in accordance with this Section. All such notices shall be sent by: a) personal delivery, in which case notice shall be deemed delivered upon receipt; b) certified or registered mail, return receipt requested, in which case notice shall be deemed delivered three (3) business days following deposit in the mail; c) nationally recognized overnight courier, in which case notice shall be deemed delivered one (1) day after deposit with such courier; or City: City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attn: City Clerk Borrower: ATTY/RES0.3085/CC RESO-RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B PROMISSORY NOTE REV:07-22-15 VR Page 2 of 4 OAK#4834-9492-6117 v1 23 RESO.#15428 MUFF#705