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SECTION 1. PARTICIPATION <br />Upon the payment by Participant of the sum of <br />(3 ), Participation shall receive a % interest in the <br />principal amount of the Note and interest on such principal amount of the rate of two percent <br />(2.0 %) per annum (the "Participation "), and Lender shall issue a Participation Certificate to <br />Participant evidencing the amount of this Participation. The S advanced b y <br />the Lender to the Borrower under the Note has been recorded by the Lender in an account <br />which will reflect the aggregate amount outstanding at any time, all repayments of principal <br />by Borrower, and all interest billed to and paid by the Borrower (the "Loan Account "). <br />Balances in the Loan Account will fluctuate from time to time based on the amount of <br />repayments made by Borrowers. <br />SECTION 2. ACCOUNTING: RECORDS: TRANSFER INTEREST <br />Lender shall render to Participant after the end of each calendar month during which <br />any Participation is outstanding to Participant, copies of the accountings rendered by Lender <br />to the Borrower and a summary statement of the Loan Account. Participant shall not be <br />permitted to assign or transfer all or any part of its Participation. <br />SECTION 3. PAYMENT OF PARTICIPANT'S SHARE OF INSTALLMENT <br />PAYMENTS <br />Lender shall, within fifteen (15) days after receipt from Borrower of each monthly <br />installment payment under the Note, pay therefrom to Participant an amount equal to the <br />total of: (a) its percentage interest in the principal; plus (b) interest on Participant's <br />percentage share of principal at the rate of two percent (2.0 %) per annum. Lender shall not <br />charge any fee for its service in handling the receipt and disbursements of interest charges <br />and in the general management of the Note. <br />SECTION 4. ENFORCEMENT <br />Lender shall have the exclusive right in its name alone to exercise and enforce all <br />rights and privileges accruing to Lender by reason of the Note and any other agreements, <br />guarantees or claims given to Lender in connection with the Note, all in Lender's sole <br />discretion and in the exercise of its business judgment. Lender shall handle all actions <br />relating to the Note, in accordance with its usual practice in the ordinary course of business <br />and shall adhere to the same standard of conduct, as would be the case if the loan had been <br />made exclusively by Lender. Lender has not made and does not make any warranties, <br />express or implied, nor does it assume any liability to Participant with respect to: (a) the <br />present or future solvency or financial worth of the Borrower or (b) the enforcement, <br />validity, value or collectability of the loan made to Borrower. <br />- 1 6 - <br />