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I <br />86-102190 <br />Promissory Note, Deed of Trust, Original Guarantee, Original Loan <br />Documents, Readvanced Loan Documents, and the Second Promissory <br />Note. <br />2. Valid Obligation. The Second Promissory Note is a <br />valid subsisting obligation of the Borrower in the principal <br />amount of $1,070,000 with an unpaid balance on April 10, 1986 of <br />$635,694 including principal and interest. <br />3. No Defenses. The Borrower has no defenses or offsets <br />against the payment of principal or interest of the unpaid <br />balance as set forth in paragraph 3 above. <br />4. Extension of Maturity Date. The maturity date of the <br />Second Promissory Note is extended until July 31, 1986 with rate <br />and payment of interest on the extended balance computed accord- <br />ing to the terms and conditions of the Second Promissory Note by <br />payment of an extension fee in the amount of $1589.24, receipt of <br />which is hereby acknowledged. <br />5. No Further Obligation. Lender shall not be under anv <br />further obligation to advance additional principal under the <br />Second Promissory Note. If Borrower desires further financing, <br />Borrower shall provide Lender with a detailed description of <br />plans for future renovations and item costs therefor. <br />6. Continued Liability. The Borrower, Guarantor, and all <br />other parties who are or hereafter may become primarily or <br />secondarily liable for the payment of the obligation evidenced by <br />the Loan Documents, as redefined herein, and any further exten- <br />sions, modifications or renewals thereof, do hereby agree to <br />remain liable to the Lender, its successors and assigns, in the <br />-4- <br />IN <br />J <br />7 <br />