THIS NOTE, OR ANY PAYMENT
HEREUNDER, MAY BE EXTENDED FROM TIME TO TIME; AND CONSENT TO THE ACCEPTANCE OF
FURTHER SECURITY OR THE RELEASE OF ANY SECURITY FOR THIS NOTE, ALL WITHOUT IN
ANY WAY AFFECTING THE LIABILITY OF FLE BORROWER AND ANY ENDORSERS OR GUARANTORS
HEREOF.
NO EXTENSION OF TIME FOR THE PAYMENT OF THIS NOTE, OR ANY INSTALLMENT
HEREOF, MADE BY AGREEMENT BY THE HOLDER HEREOF WITH ANY PERSON NOW OR HEREAFTER
LIABLE FOR THE PAYMENT OF THIS NOTE, SHALL AFFECT THE ORIGINAL LIABILITY UNDER
THIS NOTE OF FLE BORROWER, WHETHER FLE BORROWER IS OR IS NOT A PARTY TO SUCH
AGREEMENT.
IF FLE BORROWER CONSISTS OF MORE THAN ONE PERSON OR ENTITY, THEIR
OBLIGATIONS HEREUNDER SHALL BE JOINT AND SEVERAL.
12.
LENDER REMEDIES.
LENDER MAY ENFORCE THE LIABILITY AND OBLIGATION
OF FLE BORROWER TO PERFORM AND OBSERVE THE OBLIGATIONS CONTAINED IN THIS NOTE BY
BRINGING A FORECLOSURE ACTION, AN ACTION FOR SPECIFIC PERFORMANCE OR ANY OTHER
APPROPRIATE ACTION OR PROCEEDING AT LAW OR EQUITY TO ENABLE LENDER TO ENFORCE
ANY AND ALL RIGHTS UNDER THIS NOTE OR THE DEED OF TRUST OR ANY OTHER DOCUMENT,
INSTRUMENT AND/OR AGREEMENT RELATING TO THE LOAN, AGAINST FLE BORROWER AND/OR
ANY GUARANTOR, AND/OR INDEMNITOR, AND/OR IN RESPECT OF THE PROPERTY AND ANY
OTHER COLLATERAL GIVEN TO LENDER PURSUANT HERETO OR THE DEED OF TRUST.
13.
DEFAULT INTEREST.
THE FAILURE OF FLE BORROWER TO PAY OR PERFORM AS
REQUIRED HEREUNDER OR THE DEFAULT OF FLE BORROWER UNDER THE DEED OF TRUST SHALL
CONSTITUTE A DEFAULT HEREUNDER.
UPON THE OCCURRENCE OF A DEFAULT HEREUNDER, AT
THE OPTION OF THE HOLDER HEREOF, ALL AMOUNTS THEN OUTSTANDING UNDER THIS NOTE
AND THE DEED OF TRUST SHALL BEAR INTEREST FOR THE PERIOD BEGINNING WITH THE DATE
OF OCCURRENCE OF SUCH DEFAULT AT A DEFAULT INTEREST RATE (THE "DEFAULT RATE")
EQUAL TO THE SUM OF THE INTEREST RATE PLUS FIVE PERCENT (5%) PER ANNUM AND, IN
ADDITION, SUCH HOLDER MAY, AT ITS OPTION, DECLARE IMMEDIATELY DUE AND OWING THE
ENTIRE UNPAID PRINCIPAL SUM TOGETHER WITH ALL INTEREST ACCRUED AND UNPAID OR
OTHERWISE OWING THEREON, PLUS ANY OTHER SUMS OWING AT THE TIME OF SUCH
DECLARATION PURSUANT TO THIS NOTE AND THE DEED OF TRUST.
The failure to exercise the foregoing option shall not constitute a waiver of
the right to exercise the same at any subsequent time in respect of the same
event or any other event.
The acceptance by the holder hereof of any payment
hereunder which is less than payment in full of all amounts due and payable at
the time of such payment shall not constitute a waiver of the right to exercise
any of the foregoing options at that time or at any subsequent time or nullify
any prior exercise of any such option without the express written consent of
such holder, except as and to the extent otherwise provided by law.
14.
PREPAYMENT.
(A)
THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AND THE INTEREST
ACCRUED AND UNPAID AND OTHERWISE OWING MAY BE