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All payments shall be made to Lender at the address set forth below, unless
Borrower is provided with written notice of an alternative address.
2. DUE DATE: The full balance on this Note, including any accrued interest and
late fees, is due and payable on the ____ day of ____________________,
20___.
3. INTEREST DUE IN THE EVENT OF DEFAULT: In the event that the Borrower
fails to pay the note, in full, on the due date or has failed to make an installment
payment due within 15 days of the due date, unpaid principal shall accrue
interest at the rate of _______________ percent (___%) per annum OR the
maximum rate allowed by law, whichever is less, until the Borrower is no longer
in default.
4. ALLOCATION OF PAYMENTS: Payments shall be first credited any late fees
due, then to interest due and any remainder will be credited to principal.
5. PREPAYMENT: Borrower may pre-pay this Note without penalty.
6. LATE FEES: If the Lender receives any installment payment more than ____
days after the date that it is due, then a late payment fee of _________________
shall be payable with the scheduled installment payment along with any default
interest due.
7. ACCELERATION: If the Borrower is in default under this Note and fails to make
any payment owed and such default is not cured within ____ days after written
notice of such default, then Lender may, at its option, shall declare all
outstanding sums owed on this Note to be immediately due and payable, in
addition to any other rights or remedies that Lender may have under state and
federal law.
8. ATTORNEYS’ FEES AND COSTS: Borrower shall pay all costs incurred by
Lender in collecting sums due under this Note after a default, including
reasonable attorneys’ fees. If Lender or Borrower sues to enforce this Note or
obtain a declaration of its rights hereunder, the prevailing party in any such
proceeding shall be entitled to recover its reasonable attorneys’ fees and costs
incurred in the proceeding (including those incurred in any bankruptcy
proceeding or appeal) from the non-prevailing party.
9. WAIVER OF PRESENTMENTS: Borrower waives presentment for payment,
notice of dishonor, protest and notice of protest.
10. NON-WAIVER: No failure or delay by Lender in exercising Lender’s rights under
this Note shall be considered a waiver of such rights.