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20. SEVERABILITY. <br />Every provision of this Note is intended to be severable. In the event any term or <br />provision hereof is declared by a court of competent jurisdiction, to be illegal or invalid for <br />any reason whatsoever, such illegality or invalidity shall not affect the balance of the terms <br />and provisions hereof, which terms and provisions shall remain binding and enforceable. <br />21. CALCULATION OF INTEREST. <br />Interest hereunder shall be calculated on the basis of a three hundred sixty (360) <br />day year consisting of twelve (12) months of thirty (30) days each, except that interest due <br />and payable for a period less than a full month shall be calculated by dividing (a) the <br />product of (i) the actual number of days elapsed in such period, (ii) the outstanding <br />principal balance hereunder during that period and (iii) the Note interest rate in effect <br />hereunder during that period by (b) 360. <br />22. NUMBER AND GENDER. <br />In this Note the singular shall include the plural and the masculine shall include the <br />feminine and neuter gender, and vice versa, if the context so requires. <br />23. NON -RECOURSE. <br />The City Loan is a nonrecourse obligation of the Borrower. Neither Borrower nor <br />any other party, including Borrower's partners, shall have any personal liability for <br />repayment of the City Loan or for any other amounts under any of the documentation <br />evidencing, securing or describing the City Loan. The sole recourse of City under this Note <br />and the City Deed of Trust for repayment of the City Loan and for such other amounts <br />arising therefrom shall be the exercise of its rights against the Property and related security <br />thereunder. <br />24. SUBORDINATION. <br />Any agreement by the City to subordinate the City Deed of Trust and/or Regulatory . <br />Agreements to an encumbrance securing and/or evidencing Approved Financing (each <br />such Approved Financing, a "Senior Loan"), will be subject to the satisfaction of each of <br />the following conditions: <br />All of the proceeds of the proposed Senior Loan, less any transaction costs, are used <br />to provide acquisition, construction and/or permanent financing for the Project, or <br />any combination thereof, <br />2. The proposed lender of a Senior Loan (each a "Senior Lender") must be a state or <br />federally chartered financial institution, a nonprofit corporation or a public entity <br />that is not affiliated with Borrower; <br />11 <br />The Crossroads at Washington <br />City HOME Loan Note <br />