Fillable Promissory Note Form (Page 2 of 4) in pdf

The Holder shall have the optional right to declare the amount of the total unpaid

balance hereto to be due and forthwith payable in advance of the maturity date of any

sum due or installment, as fixed herein, upon the failure of the undersigned to pay, when

due and after thirty (30) days+ that same is due, any of the installments of interest and/or

principal, or upon the occurrence of any event of default or failure to perform in

accordance with any of the terms and conditions in the Mortgage securing this Note or in

any other security document executed and/or delivered in conjunction herewith. Upon

exercise of this option by the Holder, the entire unpaid principal shall bear interest at the

highest rate allowed by law. Forbearance to exercise this option with respect to any

failure or breach of the undersigned shall not constitute a waiver of the rights to any

continuing failure or breach or any subsequent failure or breach.

In no event shall the amount of interest due or payments in the nature of interest

payable hereunder exceed the maximum rate of interest allowed by applicable law, as

amended from time to time, and in the event any such payment is paid by the undersigned

or received by the Holder, then such excess sum shall be credited as a payment of

principal, unless the undersigned shall notify the Holder, in writing, that the undersigned

elects to have such excess sum returned to it forthwith.

Time is of the essence hereunder and, in case this Note is collected by law or

through an attorney-at-law, or under advice therefrom, the undersigned agrees to pay all

costs of collection including reasonable attorneys' fees. Reasonable attorneys' fees are

defined to include, but not be limited to, all fees incurred in all matters of collection and

enforcement, construction and interpretation, before, during and after suit, trial,

proceedings and appeals. Attorneys' fees shall also include hourly charges for paralegals,

law clerks and other staff members operating under the supervision of an attorney.

The remedies of the Holder, as provided herein or in the Mortgage, shall be

cumulative and concurrent, and may be pursued singularly, successively or together, at

the sole discretion of the Holder, and may be exercised as often as occasion therefor shall

raise. No act of omission or commission of the Holder, including specifically any failure

to exercise any right, remedy or recourse, shall be deemed to be a waiver or release of the

same, such waiver or release to be affected only through a written document executed by

the Holder and then only to the extent specifically recited therein. A waiver or release

with reference to any one event shall not be construed as continuing, as a bar to, or as a

waiver or release of any subsequent right, remedy or recourse as to a subsequent event.

Any notice to be given or to be served upon any party hereto, in connection with

this Note, must be in writing, and may be given by certified or registered mail and shall

be deemed to have been given and received on the third (3rd) business day after a

Promissory Note Form Page 2