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Impact Fee pursuant to a Government Code §§ 66000 study, which is the fee being <br /> deferred pursuant to this Promissory Note, if the City adopts an ordinance raising such <br /> fee, the City shall provide Borrower written notice of such fee increase, and the <br /> Borrower shall have ninety (90) days to make full payment of the amount due under this <br /> Promissory Note, plus interest, if any, and not be subject to such fee recalculation <br /> increase. <br /> However, if the Borrower does not make full payment, then ninety (90) days after <br /> the effective date of this ordinance raising such fees, the amount due under this <br /> Promissory Note shall increase by the increment of such fee increase, and that <br /> increased fee shall be the new amount due, plus interest, if any. The City will provide <br /> Borrower written notice of such fee increase when they take effect. <br /> The City specifically acknowledges that routine adjustments to the fee pursuant <br /> to the Engineering News Records Construction Costs Index to account for inflation are <br /> not a recalculation of the fee. <br /> 4. Security. This Promissory Note is secured by a deed of trust dated the same <br /> date as this Promissory Note (the " Deed of Trust "). <br /> In the Deed of Trust, Borrower has agreed to provide notice of this <br /> Promissory Note and Deed of Trust to any future third party buyer or transferee of the <br /> Property, including recording the Deed of Trust against the Property before any such <br /> sale or transfer if recordation has not already occurred. Failure by Borrower to ensure <br /> that the Deed of Trust has been so recorded shall make the amount due under this <br /> Promissory Note immediately due and payable. <br /> 5. Indemnity. Borrower agrees to defend, indemnify, and hold City, its <br /> employees, agents, officers, and /or council members harmless from all losses, <br /> damages, liabilities, claims, actions, judgments, costs, and reasonable attorneys fees <br /> that City may incur as a direct or indirect consequence of: <br /> (a) Borrower's failure to perform any obligations as and when required <br /> by this Promissory Note and the Deed of Trust; or <br /> (b) the failure at any time of any of Borrower's representations or <br /> warranties to be true and correct. <br /> 6. No Waiver by City. Any failure by the City to pursue its legal and equitable <br /> remedies upon Borrower's default shall not constitute a waiver of the City's right to <br /> declare a default and exercise all of its rights under this Promissory Note and the Deed <br /> of Trust. Nor shall acceptance by City of any payment provided for herein constitute a <br /> waiver of the City's right to require prompt payment of any remaining payments owed. <br /> A waiver of any term of the Promissory Note must be made in writing and shall be <br /> limited to the express written terms of such waiver. <br /> 2 <br />