once become due and payable, at the option of Lender, without any prior notice toBorrower, unless applicable law requires otherwise (and in such case, after satisfactory notice hasbeen given).**5. Personal Liability.**     The provisions of Article 3 (Personal Liability) of the Loan Agreement are hereby incorporatedby reference into this Note to the same extent and with the same force as if fully set forthherein.**6. Governing Law.**     This Note shall be governed in accordance with the terms and provisions of Section 15.01(Governing Law; Consent to Jurisdiction and Venue) of the Loan Agreement.**7. Waivers.**     Presentment, demand for payment, notice of nonpayment and dishonor, protest and notice ofprotest, notice of acceleration, notice of intent to demand or accelerate payment or maturity,presentment for payment, notice of nonpayment, grace and diligence in collecting the Indebtednessare waived by Borrower, for and on behalf of itself, Guarantor and Key Principal, and all endorsersand guarantors of this Note and all other third party obligors or others who may become liable forthe payment of all or any part of the Indebtedness.**8. Commercial Purpose.**     Borrower represents that the Indebtedness is being incurred by Borrower solely for the purposeof carrying on a business or commercial enterprise or activity, and not for agricultural, personal,family or household purposes.**9. Construction; Joint and Several (or Solidary, as applicable) Liability.**     (a) Section 15.08 (Construction) of the Loan Agreement is hereby incorporated herein as iffully set forth in the body of this Note.     (b) If more than one Person executes this Note as Borrower, the obligations of such Personshall be joint and several (solidary instead for purposes of Louisiana law).**10. Notices.**     All Notices required or permitted to be given by Lender to Borrower pursuant to this Noteshall be given in accordance with Section 15.02 (Notice) of the Loan Agreement.**11. Time is of the Essence.**     Borrower agrees that, with respect to each and every obligation and covenant contained in thisNote, time is of the essence.     **Multifamily Note — Multistate** **Form 6010** **Page 2****Fannie Mae** **03-11** **© 2011 Fannie Mae**
 

 
**12. Loan Charges Savings Clause.**     Borrower agrees to pay an effective rate of interest equal to the sum of the Interest Rate andany additional rate of interest resulting from any other charges of interest or in the nature ofinterest paid or to be paid in connection with the Mortgage Loan and any other fees or amounts tobe paid by Borrower pursuant to any of the other Loan Documents. Neither this Note, the LoanAgreement nor any of the other Loan Documents shall be construed to create a contract for the use,forbearance or detention of money requiring payment of interest at a rate greater than the maximuminterest rate permitted to be charged under applicable law. It is expressly stipulated and agreedto be the intent of Borrower and Lender at all times to comply with all applicable laws governingthe maximum rate or amount of interest payable on the Indebtedness evidenced by this Note and theother Loan Documents. If any applicable law limiting the amount of interest or other chargespermitted to be collected from Borrower is interpreted so that any interest or other charge oramount provided for in any Loan Document, whether considered separately or together with othercharges or amounts provided for in any other Loan Document, or otherwise charged, taken, reservedor received in connection with the Mortgage Loan, or on acceleration of the maturity of theMortgage Loan or as a result of any prepayment by Borrower or otherwise, violates that law, andBorrower is entitled to the benefit of that law, that interest or charge is hereby reduced to theextent necessary to eliminate any such violation. Amounts, if any, previously paid to Lender inexcess of the permitted amounts shall be applied by Lender to reduce the unpaid principal balanceof the Mortgage Loan without the payment of any prepayment premium (or, if the Mortgage Loan hasbeen or would thereby be paid in full, shall be refunded to Borrower), and the provisions of theLoan Agreement and any other Loan Documents immediately shall be deemed reformed and the amountsthereafter collectible under the Loan Agreement and any other Loan Documents reduced, without thenecessity of the execution of any new documents, so as to comply with any applicable law, but so asto permit the recovery of the fullest amount otherwise payable under the Loan Documents. For thepurpose of determining whether any applicable law limiting the amount of interest or other chargespermitted to be collected from Borrower has been violated, all Indebtedness that constitutesinterest, as well as all other charges made in connection with the Indebtedness that constituteinterest, and any amount paid or agreed to be paid to Lender for the use, forbearance or detentionof the Indebtedness, shall be deemed to be allocated and spread ratably over the stated term of theMortgage Loan. Unless otherwise required by applicable law, such allocation and spreading shall beeffected in such a manner that the rate of interest so computed is uniform throughout the statedterm of the Mortgage Loan.**13. WAIVER OF TRIAL BY JURY.**     **EACH OF BORROWER AND LENDER (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUEARISING OUT OF THIS NOTE OR THE RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER THAT ISTRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TOTHE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY**     **Multifamily Note — Multistate** **Form 6010** **Page 3****Fannie Mae** **03-11** **© 2011 Fannie Mae**
 

 
**IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGALCOUNSEL.****14. Receipt of Loan Documents**.     Borrower acknowledges receipt of a copy of each of the Loan Documents.**15. Incorporation of Schedules**.     The schedules, if any, attached to this Note are incorporated fully into this Note by thisreference and each constitutes a substantive part of this Note.     **ATTACHED SCHEDULE.**The following Schedule is attached to this Note:   o Schedule 1 Modifications to Note**[Remainder of Page Intentionally Blank]**     **Multifamily Note — Multistate** **Form 6010** **Page 4****Fannie Mae** **03-11** **© 2011 Fannie Mae**
 

 
     **IN WITNESS WHEREOF**, Borrower has signed and delivered this Note under seal (where applicable)or has caused this Note to be signed and delivered under seal (where applicable) by its dulyauthorized representative. Where applicable law so provides, Borrower intends that this Note shallbe deemed to be signed and delivered as a sealed instrument.      **BORROWER:**