BY THE HOLDER HEREOF TO FORBEAR IN THE COLLECTION OF ANY
DELINQUENT PAYMENT, OR BE CONSTRUED AS IN ANY WAY GIVING FLE BORROWER THE RIGHT,
EXPRESS OR IMPLIED, TO FAIL TO MAKE TIMELY PAYMENTS HEREUNDER, WHETHER UPON
PAYMENT OF SUCH DAMAGES OR OTHERWISE.
THE RIGHT OF THE HOLDER HEREOF TO RECEIVE
PAYMENT OF SUCH LIQUIDATED AND ACTUAL DAMAGES, AND RECEIPT THEREOF, ARE WITHOUT
PREJUDICE TO THE RIGHT OF SUCH HOLDER TO COLLECT SUCH DELINQUENT PAYMENTS AND
ANY OTHER AMOUNTS PROVIDED TO BE PAID HEREUNDER OR UNDER ANY SECURITY FOR THIS
NOTE OR TO DECLARE A DEFAULT HEREUNDER OR UNDER ANY SECURITY FOR THIS NOTE.
FLE
BORROWER FURTHER AGREES THAT AN AMOUNT EQUAL TO THE LATE CHARGE DESCRIBED IN
THIS NOTE IS A REASONABLE ESTIMATE OF THE DAMAGE TO LENDER IN THE EVENT OF A
LATE PAYMENT.
NOTHING IN THIS NOTE SHALL BE CONSTRUED AS AN OBLIGATION ON THE
PART OF LENDER TO ACCEPT, AT ANY TIME, LESS THAN THE FULL AMOUNT THEN DUE
HEREUNDER, OR AS A WAIVER OR LIMITATION OF LENDER'S RIGHT TO COMPEL PROMPT
PERFORMANCE.
8.
ACCELERATION.
UPON DEFAULT BY FLE BORROWER IN THE PAYMENT OR
PERFORMANCE OF ANY AGREEMENT SECURED BY THE DEED OF TRUST, LENDER MAY, AT ANY
TIME THEREAFTER, TOGETHER OR SINGLY,
(a)
declare the entire outstanding principal balance due under this
Note, together with all accrued and unpaid interest thereon, to be immediately
due and payable, thereby accelerating this Note, and/or
(b)
exercise immediately and without notice, any and all other rights
and remedies available under this Note and/or the Deed of Trust or at law or in
equity.
9.
DELIVERY OF PAYMENT.
ALL PAYMENTS ON THIS NOTE ARE TO BE MADE OR
GIVEN TO THE HOLDER HEREOF WHOSE ADDRESS FOR THIS PURPOSE IS AS SPECIFIED IN THE
DEED OF TRUST, OR TO SUCH OTHER PERSON OR AT SUCH OTHER PLACE AS THE HOLDER
HEREOF MAY FROM TIME TO TIME DIRECT BY WRITTEN NOTICE TO FLE BORROWER.
AT
LENDER'S ELECTION, IN ITS SOLE AND ABSOLUTE DISCRETION, LENDER MAY CREDIT THE
ORIGINATION FEE TO BE PAID BY FLE BORROWER UPON THE EXECUTION OF THIS NOTE AND
THE DEED OF TRUST AGAINST AMOUNTS TO BE DISBURSED BY LENDER UNDER THIS NOTE.
4
10.
WAIVER OF OFFSET RIGHT.
FLE BORROWER WAIVES ANY RIGHT OF OFFSET IT
NOW HAS OR MAY HEREAFTER HAVE AGAINST THE HOLDER HEREOF AND AGREES TO MAKE THE
PAYMENTS CALLED FOR HEREUNDER IN ACCORDANCE WITH THE TERMS HEREOF.
THE HOLDER
HEREOF SHALL HAVE ALL THE RIGHTS OF A HOLDER IN DUE COURSE AS PROVIDED IN THE
CALIFORNIA UNIFORM COMMERCIAL CODE AND OTHER LAWS OF THE STATE OF CALIFORNIA.
11.
ADDITIONAL WAIVERS.
FLE BORROWER AND ANY ENDORSERS, GUARANTORS OR
SURETIES HEREOF JOINTLY AND SEVERALLY WAIVE PRESENTMENT AND DEMAND FOR PAYMENT,
NOTICE OF INTENT TO ACCELERATE MATURITY, PROTEST OR NOTICE OF PROTEST OR
NON-PAYMENT, BRINGING OF SUIT AND DILIGENCE IN TAKING ANY ACTION TO COLLECT ANY
SUMS OWING HEREUNDER OR IN PROCEEDING AGAINST ANY OF THE RIGHTS AND PROPERTIES
SECURING PAYMENT HEREUNDER; EXPRESSLY AGREE THAT