declare all sums due under this Note immediately due and payable, unless prohibited by
applicable law. The Lender shall have the sole-option to accept the Security as full-
payment for the Borrowed Money without further liabilities or obligations. If the market
value of the Security does not exceed the Borrowed Money, the Borrower shall remain
liable for the balance due while accruing interest at the maximum rate allowed by law.
3. INTEREST DUE IN THE EVENT OF DEFAULT: In the event the Borrower fails to
pay the note in-full on the Due Date, unpaid principal shall accrue interest at the
maximum rate allowed by law, 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. ACCELERATION: If the Borrower is in default under this Note or is in default under
another provision of this Note, and such default is not cured within the minimum allotted
time by law after written notice of such default, then Lender may, at its option, declare
all outstanding sums owed on this Note to be immediately due and payable.
6A. SECURITY - This includes any rights of possession in relation to the Security
described in Section 2.
7. 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.
8. WAIVER OF PRESENTMENTS: Borrower waives presentment for payment, notice of
dishonor, protest and notice of protest.
9. NON-WAIVER: No failure or delay by Lender in exercising Lender’s rights under this
Note shall be considered a waiver of such rights.
10. SEVERABILITY: In the event that any provision herein is determined to be void or
unenforceable for any reason, such determination shall not affect the validity or
enforceability of any other provision, all of which shall remain in full force and effect.
11. INTEGRATION: There are no verbal or other agreements which modify or affect the
terms of this Note. This Note may not be modified or amended except by written
agreement signed by Borrower and Lender.
12. CONFLICTING TERMS: The terms of this Note shall control over any conflicting
terms in any referenced agreement or document.