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172982028v5 <br /> <br /> 5 <br /> <br />principal and interest immediately due and payable]. Lender shall charge a dishonored item fee <br />(currently Thirty Five Dollars ($35.00), subject to change from time to time) upon the dishonor of <br />any check or preauthorized charge with which payments of principal or interest on this Note are <br />made. <br />Upon the occurrence and continuation of an Event of Default (as that term is defined in the <br />Mortgage and the Loan Agreement), including failure to pay upon final maturity, and irrespective <br />of whether the Lender exercises its option to accelerate the maturity of this Note by reason of such <br />Event of Default, Lender, at its option may, as permitted under applicable law, add any unpaid <br />accrued interest to the Principal Balance of this Note. <br />[If an Event of Default shall occur, and during the continuance of such Event of Default, <br />including failure to pay upon final maturity, the Lender, at its option, may, as permitted under <br />applicable law, increase the interest rate on this Note to [____] percent ([__]%) (the “Default Rate <br />Margin”) above the then applicable interest rate on this Note. The Default Rate Margin may also <br />apply, at the Lender’s option, to each succeeding interest rate change that would have applied had <br />there been no default. This increased rate shall never exceed the maximum rate permitted by <br />applicable law.] <br /> <br />13. Event of Default. If an Event of Default shall occur,[ and during the continuance of <br />such Event of Default,] then the Lender shall have the right and option, among other things, to <br />declare the Principal Balance and accrued interest thereon immediately due and payable, <br />whereupon the same, plus any premiums or service charges, shall be due and payable, but solely <br />from sums made available under the Loan Agreement, the Mortgage, and any other documents <br />securing this Note. Failure to exercise such option at any time shall not constitute a waiver of the <br />right to exercise the same at any subsequent time. <br />14. Remedies. The remedies of the Lender, as provided herein and in the Mortgage, the <br />Loan Agreement, and the Pledge Agreement, are not exclusive and shall be cumulative and <br />concurrent and may be pursued singly, successively or together, at the sole discretion of the <br />Lender, and may be exercised as often as occasion therefor shall occur; and the failure to exercise <br />any such right or remedy shall in no event be construed as a waiver or release thereof. <br />15. Lender Waiver. The Lender shall not be deemed, by any act of omission or <br />commission, to have waived any of its rights or remedies hereunder unless such waiver is in writing <br />and signed by the Lender and then only to the extent specifically set forth in the writing. A waiver <br />with reference to one event shall not be construed as continuing or as a bar to or waiver of any <br />right or remedy as to a subsequent event. <br />16. No Registration Under Securities Laws. This Note has been issued without <br />registration under state or federal or other securities laws, pursuant to an exemption for such <br />issuance; and accordingly this Note may not be assigned or transferred in whole or part, nor may <br />a participation interest in this Note be given pursuant to any participation agreement, except to <br />another “accredited investor” or “financial institution” in accordance with an applicable exemption <br />from such registration requirements and with full and accurate disclosure of all material facts to <br />the prospective purchaser(s) or transferee(s).