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6. This Promissory Note shall bind Maker and Maker's successors, and assigns and the <br />benefits hereof shall inure to Holder and Holder's successors and assigns. This Promissory Note is <br />not secured. <br />7. The validity, interpretation and performance of this Promissory Note shall be <br />governed by and construed in accordance with the laws of the State of California, without regard to <br />conflicts of laws principles. <br />8. Time is of the essence of this Promissory Note. <br />ATTEST: <br />Carolina R. Padilla, City Clerk <br />MAKER and HOLDER: <br />CITY OF COLTON, a California municipal corporation <br />Kelly Chastain, Mayor <br />Daryl Parrish, City Manager <br />Eric Fraser, Water/Wastewater Director <br />A-2 <br />