KAUR, NAMNEET - PROMISSORY NOTE TEN YEAR AMORTIZATION

surviving joint tenant, or a spouse as part of a dissolution proceeding, or in connection with marriage shall not be a transfer for purposes of this Note. 5. Attorney Fees and Costs. Borrower agrees that if any amounts due under this Note are not paid when due, to pay in addition to principal and interest, all costs and expenses of collection and reasonable attorney fees paid or incurred in connection with the collection or enforcement of this Note, whether or not suit is filed. 6. Joint and Several Obligations. This Note is the joint and several obligation of all makers, sureties, guarantors and endorsers, and shall be binding upon them and their successors and assigns. 7. No Deficiency Judgment. This Note constitutes a portion of the unpaid balance of the purchase price of the Residence. Borrower shall have no personal liability for any deficiency on this Note and the only remedy available to the City or any holder in due course shall be foreclosure pursuant to law as provided in the Deed of Trust securing this Note or applicable equitable relief. 8. City Assignment. The City may assign this Note to any person and upon notice to Borrower by the City, all payments shall be made to the assignee. 9. Restrictions on Foreclosure Proceeds. If a creditor acquires title to the Residence through a deed in lieu of foreclosure, a trustee's deed upon sale, or otherwise, the Borrower shall not be entitled to the proceeds of sale to the extent that such proceeds, when added to the amount paid or credited to the creditor, exceed the amount the Borrower would have received by a sale in accordance with the program. The Borrower shall instruct the holder of such excess proceeds to pay such proceeds to the City as repayment for, and in consideration of, the assistance provided by the City in the acquisition and development of the Residence. BORROWS DPA 2008 -09 -3-