Secured By Deed Of Trust And Security Agreement (Page 2 of 5) in pdf

Solvang Brewing Company, Inc. / Renfrow Family Properties, LLC.

Lompoc, CA 93436 (“Property”). This Note is also secured by that certain Security

Agreement of even date herewith (“Security Agreement”) covering equipment that is

currently owned by Borrowers and which may be amended from time-to-time as

specified in the Loan Agreement. The Deed of Trust and Security Agreement are

sometimes collectively referred to as the “Security Documents”.

Guarantees. This Note is guaranteed by the Personal Guarantees of even date

herewith each executed by Stephen M. Renfrow and Cari Jackson Renfrow,

respectively (“Guarantees”).

Default. Any default under the Loan Agreement, the Security Documents or the

Guarantees shall also constitute a default under this Note. Upon a default under this

Note, the whole of principal and interest shall become immediately due at the option of

City. Failure to exercise such option shall not constitute a waiver of the right to exercise

it in the event of any subsequent default.

Prepayment. Borrowers may prepay this loan, in whole or in part, at any time without

penalty.

Waivers by Borrowers. Borrowers and all endorsers, guarantors and persons liable or

to become liable on this Note waive presentment, protest and demand, notice of

protest, demand and dishonor and nonpayment of this Note and any and all other

notices or matters of a like nature, and consent to any and all renewals and extensions

near the time of payment hereof and agree further that at any time and from time-to-

time without notice, the terms of payment herein may be modified or the security

described in any documents securing this Note released in whole or in part, or

increased, changed or exchanged by agreement between City and any owner of the

premises affected by said documents securing this Note, without in any way affecting

the liability of any party to this Note or any persons liable or to become liable with

respect to any indebtedness evidenced hereby.

Default Interest Rate. During the period commencing with any default hereunder and

continuing until such default is cured, City, at its option and if permitted under applicable

law, shall do one or both of the following: (1) increase the interest chargeable under this

Note to the Default Interest Rate (defined below); and/or (2) add the unpaid principal

balance, all accrued and unpaid interest and all other amounts payable under the Note,

with the resulting sum to bear interest at the Default Interest Rate. The “Default

Interest Rate” shall be seven percent (7%). In no event shall the interest rate charged

hereunder exceed the maximum rate permitted under applicable law.

10.

Late Charge. If Borrowers shall fail to make any payment of interest or principal,

including the final combined principal and interest installment, within ten (10) days after

the date the same is due and payable, a late charge by way of damages shall be

immediately due and payable. Borrowers recognizes that default by Borrowers in

making the payments herein agreed to be paid when due will result in the City incurring

additional expense in servicing the loan, in loss to the City of the use of the money due

and in frustration to the City in meeting its other financial and loan commitments.

Borrowers agrees that, if for any reason Borrowers fails to pay the amounts due under

Page 2 of 5 Pages

Secured By Deed Of Trust And Security Agreement Page 2

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