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09/04/2009 12:10 209-9552 CBSJ • PAGE 04 �r(a l Deed is attached as Exhibit F to this Forbearance Agreement and incorporated by this reference.) By the LOC Trust Deed BORROWER encumbered the Wizard Property described in Exhibit F as security for repayment of the LOC Note. E, On or about August 15, 2008, the Wizard Restated Note matured, and the LOC Note also matured. Although each of said loans is matured and has been payable in full since that date, no principal repayment has been made, and interest is due and owing from August 12, 2008. The last payment received under the Wizard Restated Note as of the date of this Forbearance Agreement was received on August 12, 2008. The last payment on the LOC Note was received on August 18, 2008. BORROWER and GUARANTORS have represented to LENDER that they are unable to repay the amounts owing pursuant to the Wizard Restated Note,or the LOC Note. F. The amount due udder the Wizard Restated Note as of the date of this Forbearance Agreement, including accrued interest and other amounts due thereunder is $540,697.58' (the "Wizard Property Indebtedness"). The amount due under the LOC Note as of the date of this Forbearance Agreement, including accrued interest and other amounts due thereunder is $100,487.50'(the"Wizard LOC Indebtedness"). G. As a result of the facts described in these recitals, a monetary a default exists under the Wizard Restated Note, and under the LOC Note. BORROWER and GUARANTOR have represented to LENDER that they cannot cure this default,which would require repayment of the amounts owing under said notes. lI LENDER has the right to enforce its remedies under the above-described loan documents and as provided in California law,including,without limitation, the right to institute a nonjudicial foreclosure action, and/or the right to file a judicial foreclosure action seeking judicial foreclosure. LENDER also has rights arising by guarantors from each of the GUARANTORS of the obligations of BORROWER to LENDER. I. On or about October 2, 2008,in furtherance of its rights under the above-described Ioan documents, LENDER initiated a judicial foreclosure action. OBLIGORS, requested that LENDER rescind this foreclosure action, and agreed to execute a forbearance agreement. Acting in reliance on OBLIGORS' request and commitment, LENDER rescinded the Notice of Default, and this Forbearance Agreement was prepared to memorialize the specific terms and conditions upon which LENDER is willing to forebear from immediately enforcing its rights with respect to the above-described loans, and resuming its nonjudicial foreclosure with respect to the Wizard Property. T BORROWER is negotiating with potential purchasers of the Wizard Property, but has not yet been able to obtain an acceptable written offer for the purchase of the Wizard Property. 1 This amount is comprised of the following:(a)$540,697.58 in principal,(b)$7,125.36 in interest through and including 10/25/2008(and wrdcb is currently continuing to accrue at the rate of$96.29 per day for 10/25/2008 and each day thereafter until payment is made). 2 This amount is comprised of the following:(a)$100,000.00 in principal,(b)$1,281.95 in interest through and mcluding 10/25/200S(and which is currently continuing to accrue at the rate of$18.06 per day for 10/25/2008 and each day thereafter until payment is made), Page 3 of 23