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<br /> 10 <br />18. Number and Gender. <br /> <br />In this Promissory Note the singular shall include the plural and the masculine shall <br />include the feminine and neuter gender, and vice versa, if the context so requires. <br /> <br />19. Non-recourse. <br /> <br />The Agency Loan is a nonrecourse obligation of the Borrower. Neither Borrower, nor its <br />partners nor any other party shall have any personal liability for repayment of the Agency Loan <br />or for any other amounts under any of the documentation evidencing, securing or describing the <br />Agency Loan. The sole recourse of Agency under this Promissory Note and the Deed of Trust <br />for repayment of the Agency Loan and for such other amounts arising therefrom shall be the <br />exercise of its rights against the Property and related security thereunder. <br /> <br />20. Subordination. <br /> <br />It is hereby expressly agreed and acknowledged by Borrower and Agency that the Deed <br />of Trust is a subordinate Deed of Trust to the Senior Loan, and that this Promissory Note is <br />subject and subordinate to any Senior Loan Deed of Trust, as further described in the <br />Subordination Agreement between the Agency and Senior Lender. <br /> <br />21. Notice of Default. <br /> <br /> a. Subject to the applicable cure periods set forth in Section 14 and subject to the further <br />provisions of this Section 21, failure or delay by the Borrower to perform any term or provision <br />of this Promissory Note constitutes a default under this Promissory Note. The Borrower must <br />immediately commence to cure, correct, or remedy such failure or delay and shall complete such <br />cure, correction or remedy with reasonable diligence. <br /> <br /> b. The Agency shall give written notice of default to the Borrower specifying the <br />default complained of by the Agency. Delay in giving such notice shall not constitute a waiver of <br />any default nor shall it change the time of default. <br /> <br /> c. Except in the case of a monetary event of default, the Borrower shall not be in <br />default so long as it endeavors to complete such cure, correction or remedy with reasonable <br />diligence, provided such cure, correction or remedy is completed within the applicable time <br />period set forth herein after receipt of written notice (or such additional time as may be deemed <br />by the Agency to be reasonably necessary to correct the default). <br /> <br /> d. Any failures or delays by the Agency in asserting any of its rights and remedies as to <br />any default shall not operate as a waiver of any default or of any such rights or remedies. Delays <br />by the Agency in asserting any of its rights and remedies shall not deprive the Agency of its right <br />to institute and maintain any actions or proceedings which it may deem necessary to protect, <br />assert, or enforce any such rights or remedies. <br /> <br />EXHIBIT 3 <br />3-97