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unpaid principal amount of this Note, together with accrued <br />interest and late charges, shall become due and payable, at the <br />option of the Agency, without further notice to the undersigned. <br />Failure of the Agency to exercise such option shall not constitute <br />a waiver of such default. <br />f. In the event that no advances are made under' <br />this Note; — and providing that the Participating Owner provides the <br />Agency with a release of its obligations under the Agreement and /or <br />this Note to make any such advances, the Agency shall return the <br />original of this Note to the Participating Owner upon written <br />demand by the Participating Owner to do so. The Agency shall have <br />the right to approve the terms of such a release, with approval <br />shall not be unreasonably withheld. <br />g. The advance of the proceeds of this Note is <br />subject to the provisions of the Agreement, and the principal <br />amount to be repaid hereunder shall not exceed the actual principal <br />amount advanced by the Agency. <br />7. Subordinate Note. The indebtedness evidenced by <br />this Note is and shall be subordinate in right of payment to the <br />prior payment in full of any indebtedness owed by Participating <br />Owner to CalHFA under the terms of documents executed by the <br />Participating Owner and CalHFA, and reasonably approved by the <br />Agency. The mortgage or deed of trust securing this Note is and <br />shall be subject and subordinate in all respects to the liens, <br />terms, covenants and conditions of any deed of trust or mortgage <br />securing the interests of CalHFA. <br />8. Limits on Personal Liabilitv. <br />a. Except as otherwise provided in this Paragraph <br />8, the Participating Owner shall have no personal liability under <br />this Note, the Owner Participation Agreement, the Deed of Trust or <br />any of the other documents evidencing or securing the Participating <br />Owner's obligations in respect of the loan evidenced by the Note <br />(the "Loan Documents ") for the repayment of the indebtedness <br />evidenced by this Note (the "Indebtedne_Z ") or for the performance <br />of any other obligations of the Participating Owner under the Loan <br />Documents, and the Agency's only recourse for the satisfaction of <br />the Indebtedness and the performance of such obligations shall be <br />the Agency's exercise of its rights and remedies with respect to <br />the Property and any other collateral held by the Agency as <br />security for the Indebtedness. <br />b. The Participating Owner shall be personally <br />liable to the Agency for the repayment of a portion of the <br />Indebtedness equal to any loss or damage actually suffered by the <br />C - 3 <br />