Secured By Deed Of Trust And Security Agreement (Page 3 of 5) in pdf

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

this Note when due, the City hereof shall be entitled to damages for the detriment

caused thereby, but that it is extremely difficult and impractical to ascertain the extent of

such damages. Borrowers therefore agree that a sum equal to five percent (5%) of

each payment which becomes delinquent (“Late Charge”) is a reasonable estimate of

said damages to the City of this Note, which sum Borrowers agree to pay on demand.

Prior to collecting any late charge hereunder, City shall comply with the provisions of

California Civil Code section 2954.5, as such section or any successor section may now

or hereafter be in effect.

11.

Acceleration on Transfer or Encumbrance of Property. The Deed of Trust contains

the following provision: “If Trustor sells, contracts to sell, gives an option to purchase,

conveys, leases with an option to purchase, encumbers, or alienates the Property, or

any interest in it, or suffers its title to, or any interest in, the Property to be divested,

whether voluntarily or involuntarily; or if there is a sale or transfer of beneficial interests

in Trustor or SBC equal to fifty percent (50%) or more of the beneficial ownership

interests of that entity outstanding at the date of this Deed of Trust; or if Trustor

changes or permits to be changed the character or use of the Property; or if title to such

Property becomes subject to any lien or charge, voluntary or involuntary, contractual or

statutory, without Beneficiary’s prior written consent, then Beneficiary, at Beneficiary’s

option, may, without prior notice, declare all sums secured by this Deed of Trust,

regardless of their stated due date(s), immediately due and payable and may exercise

all rights and remedies in this Deed of Trust.”

12.

Governing Law. This Note is to be governed according to the laws of California.

13.

Attorneys’ Fees. Borrowers further promise to pay all reasonable attorneys’ fees

incurred by any City hereof in connection with any default hereunder and in any

proceeding brought to enforce any of the provisions of this Note

14.

Severability. The unenforceability or invalidity of any provision or provisions of this

Note as to any persons or circumstances shall not render that provision or those

provisions unenforceable or invalid as to any other provisions or circumstances, and all

provisions hereof, in all other respects, shall remain valid and enforceable.

15.

Notices. All notices, demands, requests, elections, approvals, disapprovals, consents

or other communications given under this Note shall be in writing and shall be given by

personal delivery, certified mail, return receipt requested, or overnight guaranteed

delivery service and addressed as follows:

SBC:

Solvang Brewing Company, Inc.

1547 Mission Drive

Solvang, CA 93463

Attn: Stephen M. Renfrow, President

Page 3 of 5 Pages

Secured By Deed Of Trust And Security Agreement Page 3

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