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<br />PROMISSORY NOTE PAGE 2 <br />SPONSOR LOAN (COUNTY FUNDS) <br />Kittitas County, Washington (the “Property”). The Holder hereby agrees to be bound by the terms <br />and provisions of the Deed of Trust. <br /> <br />7. Default; Remedies. If default is made in the payment of any amount payable <br />hereunder when due or in the keeping of any covenant of the Deed of Trust, then, at the option of <br />Holder, the entire indebtedness evidenced hereby shall become immediately due and payable, <br />provided that Holder shall first give Maker and Wincopin Circle LLLP, a Maryland limited liability <br />limited partnership (together with its successors and assigns, the “Limited Partner”), notice and <br />opportunity to cure in accordance with Sections 7(a) and 7(b) of this Note prior to exercising any <br />rights thereunder. Notwithstanding the foregoing, upon default, and without notice or demand, all <br />amounts owed under this Note, including all accrued but unpaid interest, shall at the option of the <br />Holder thereafter bear interest at the rate of five percent (5%) per annum above the Note Rate (the <br />“Default Rate”) until such default is cured. Failure to exercise any option granted to Holder hereunder <br />shall not waive the right to exercise the same in the event of any subsequent default. Interest at the <br />Default Rate shall commence to accrue upon default under this Note, including the failure to pay this <br />Note at the Maturity Date. <br />(a) Monetary Default. If a monetary event of default occurs under the terms of this Note, <br />prior to exercising any remedies thereunder, Holder shall give Maker written notice of such default. <br />Maker shall have a period of ten (10) days after such notice is given within which to cure the default <br />prior to exercise of remedies by Holder under this Section 8, or such longer period of time as may be <br />specified by Holder at its sole discretion <br />(b) Non-Monetary Default. If a non-monetary event of default occurs under the terms of <br />this Note, prior to exercising any remedies hereunder, Holder shall give Maker written notice of such <br />default. If the default is reasonably capable of being cured within thirty (30) days, or such longer <br />period of time as may be specified by Holder at its sole discretion, then Maker shall cure such default <br />within thirty (30) days or such longer period of time specified by Holder. If the default is such that it <br />is not reasonably capable of being cured within thirty (30) days or such longer period if so specified, <br />and if Maker (a) initiates corrective action within said period, and (b) diligently, continually, and in <br />good faith works to effect a cure as soon as possible, then Maker shall have such additional time as is <br />reasonably necessary to cure the default prior to the exercise of any remedies by Holder. <br /> <br />8. Notice. All notices to Maker shall be sent to: <br /> <br />Teanaway Court Associates LLLP <br />c/o HopeSource <br />606 West 3rd Avenue <br />Ellensburg, WA 98926 <br />Attention: Chief Executive Officer <br /> <br />and <br /> <br />c/o SRI-Blueridge Pacific, LLC <br />2223 112th Avenue NE, Suite 102 <br />Bellevue, Washington 98004 <br />Attention: Chris Eisenzimmer