7A Request from Presbyterian Homes for Conduit Financing

Home Browse Search

_ such purpose in accordarice with the Loan Agreezx�ent, sufficient to pay all costs of such per%rmance or the enforcement ihereaf. 16. Upon the occurrence of an Event of Deiault, as defined in the Loan Agr�ement and Mortgage, the Lender shall have the option, azmong other things, of declaring the Principal Balance and accrued interesi on the Note to be immediately due and payable, whereupon the same, plus any premiurns or service charges, shall be due and payable, but solely from surr�s made available under the Loan Agreement and the Mortgage. Failure to exercise such option at any time shall noi constitute a waiver of the right to exercise the sa�ne at any subsequent time. 17. The remedies of the Lender, as provided herein and in the Loan Agreement and the Pledge Agreement, are nat e�clusive and shall be cumulative and concurrent and may be pursued singly, succ�ssively or together, at the sole discretion of the Lender, and may be exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall zn no event be construed as a waiver or release thereof. 18. The Lender shall not be deemed, by any act of ornission or commission, to hav� waived any o� its rights or remedies hereunder unless such waiver is in writing and signed by the Lender and, then only to the extent specifically set %rth in the writing. A waiver with reference to one event sha11 not be construed as continuing or as a bax to or waiver of any right or rernedy as to a subsequeni event: 19. This Note has been issued without registration under state or federal or other securities laws, pursuant to an exemption for such issuance; az�d accordingly the Note may not be assigned ar transferred in whole or part, nor xza.ay a participation interest in the Note be given pursuani ta any participation agreement, excepi in accordance with an applicable exerza.ption from such registration requirements. 20. This Note is a"qualified t�-exempt obligation" under Section 265{b} of the Tnternal Revenue Code oi 1986, as amended. IT IS HEREBY CERTIFIED AND RECITED that all ca�.ditians, acts and things required to exisi to happen and to be performed precedent to or in ihe issuance of this Note do exist, have happened and have been pez'fa�nr�ed in regular and due form as required by law. zzosssovz 4