14-20 Cedar Glen Bond Ordinance Addendums

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Section 19.4 No Waiver. No waiver by MBI of the breach of any term, condition, warranty, representation, covenant or agreement contained herein or in the agreements, instruments, guaranties or documents delivered pursuant thereto shall be considered as a waiver of the same default in the future or any other default and no delay or omission by MBI in exercising any right or remedy hereunder shall impair any such right or remedy or be construed as a waiver of any default. The acceptance by MBI of any payment after the due date of such payment, or in an amount which is less than the required payment, shall not be a waiver of MBI's right to require prompt payment when due of all other payments or to exercise any right or remedy with respect to any failure to make prompt payment. The inclusion of deadlines and the references to dates later than the maturity of any obligation shall not by implication or otherwise obligate MBI to renew or extend any maturity. Section 19.5 Waiver of Presentment. Borrower waives presentment, demand and protest and notice of presentment, maturity, release, compromising settlement, extension or renewal of any or all promissory notes, commercial paper, accounts receivable, contract rights, documents, instruments, chattel paper and guaranties entered into by Borrower in connection herewith and at any time held by MBI and on which Borrower may be liable in any way. Section 19.6 Amendments. Any modification of or amendment to this Agreement shall be ineffective unless in writing and signed by the duly authorized representatives of Borrower,the Issuer and MBI. Section 19.7 Additional Rights of MBI. Each payment to MBI shall be applied to the payment of accrued and unpaid interest and to the reduction of the principal balance in such order and in such amounts as MBI shall determine, in its sole discretion. MBI may from time to time without notice to Borrower (a) release any collateral or substitute or exchange any collateral, (b) release, modify or compromise any liability of Borrower, the Co-Maker or any other obligor, or the terms thereof and (c) apply any amounts paid to MBI with such marshalling of security as MBI may, in its sole discretion, determine appropriate; all without the consent of or proper notice to Borrower. The liability of Borrower shall not be released in part or in whole by reason of the foregoing, the addition of co-makers, endorsers, guarantors or sureties, or a failure to perfect any security interest or lien in any collateral or a failure to proceed in any particular manner with respect to any collateral. Section 19.8 Preferences. To the extent that Borrower makes a payment or payments to MBI, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the obligations arising hereunder and under the Note, or such part thereof intended to be satisfied, shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by MBI. Section 19.9 Notices. Any written notice required or permitted to MBI or Borrower hereunder shall be deemed effective when (a) mailed by certified United States mail, postage prepaid with return receipt requested or (b) sent by an overnight carrier which provides for a return receipt, to the applicable address specified below: If to Borrower: MAH CEDAR GLEN, LP Page 64