11-8-01 DRAFT PROMISSORY NOTE - Laserfiche WebLink

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Upon the commencement of any proceeding under any bankruptcy law by or against the Borrower, this Note automatically shall become immediately due and payable for the entire unpaid principal balance of this Note plus accrued interest and other charges, fees and expenses under this Note without any declaration, presentment, demand, protest, or other notice of any kind. Upon the occurrence of any other Event of Default and following five (5) days' written notice, the then holder of this Note may, at its option, declare this Note to be immediately due and payable and thereupon this Note shall become due and payable for the entire unpaid principal balance of this Note plus accrued interest without any presentment, demand, protest or other notice of any kind. This Note is issued in and shall be governed by the laws of the State of Minnesota. The indebtedness represented by this Note shall be, in all respects, subordinate to the obligations of Orono under the Bond Documents. No delay or omission on the part of Holder in exercising any right under this Note shall operate as a waiver of such right or of any other remedy under this Note. A waiver on any one occasion shall not be construed as a waiver of any such right or remedy on a future occasion. Presentment for payment, notice of dishonor, protest and notice of protest are hereby waived. Any notice by Borrower or Holder under this Note shall be in writing and shall be given by mailing such notice by certified mail, return receipt requested, to the other party at the address stated above for that party, or at such other address as may have been designated by notice given by that party. A notice shall be deemed given on the date it is mailed in the required form and manner. IN WITNESS WHEREOF, Borrower has executed this Note effective as of , 2001. BORROWER Orono Senior Housing, LLC By Its #170063