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consideration and that in any such case the Borrower and any guarantor, surety or endorser shall remain liable to pay the unpaid balance of the indebtedness evidenced hereby as so additionally secured, extended, renewed or modified and notwithstanding any such release. The remedies of the Holder, as provided herein and in any document securing this Note shall be cumulative and concurrent and may be pursued singly, successively or together, at the sole discretion of the Holder, and may be exercised as often as occasion therefor shall occur. The Holder may, in its discretion, waive any default hereunder and its consequences and rescind any declaration of acceleration of principal; provided, however, that no action or inaction by the Holder shall be deemed a waiver of any of the Holder's rights or remedies unless the Holder specifically agrees in writing that such action or inaction shall constitute a waiver of its rights or remedies. Any waiver shall only apply to the particular instance for which it was agreed. No delay in exercising and no failure in exercising any right or remedy hereunder or afforded by law shall be a waiver of or preclude the exercise of any right or remedy hereunder or provided by law, whether on such occasion or any future occasion, nor shall such delay be construed as a waiver of any default or acquiescence therein. The exercise or the beginning of the exercise of one right or remedy shall not be deemed a waiver of the right to exercise at the same time or thereafter any other right or remedy. In the event of any default hereunder the Borrower agrees to pay the costs of collection including reasonable attorneys' fees. This Note may be prepaid in whole or in part without penalty. If the Minnesota Housing Finance Agency ("MHFA") holds a mortgage on the Proj ect, prepayments may be made only with the prior consent of MHFA and any unauthorized prepayments shall be held in trust for the Project and shall, upon MHFA's request, be deposited with MHFA or its designee. The Holder shall not foreclose on the Mortgage securing this Note without the prior written approval of the MHFA if there is a mortgage held by MHFA on the Project. No payments may be made under this Note so long as any of the loans senior to the Mortgage securing this note remain outstanding. The Loan is a non-recourse obligation of the Borrower. Neither the Borrower nor any of its general or limited partners, nor any other party, shall have any personal liability for repayment of the Loan. The sole recourse of Holder for repayment of the Loan shall be the exercise of its rights against the Proj ect and related security thereunder. This Note may not be sold, transferred, assigned or pledged without the prior written approval of MHFA if there is a mortgage held by MHFA on the Project. fb.us.4624958.03 2