maximum rate allowed by law, whichever is less, until the Borrower is no longer in default. ALLOCATION OF PAYMENTS: Payments shall be first credited any late fees due, then to interest due and any remainder will be credited to principal. PREPAYMENT: Borrower may pre-pay this Note without penalty. 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. DUE ON SALE: This Note is secured by a security instrument described in Section 17 securing repayment of this Note, the property described in such security instrument may not be sold or transferred without the Lender’s consent. If Borrower breaches this provision, Lender may declare all sums due under this Note immediately due and payable, unless prohibited by applicable law. ACCELERATION: If the Borrower is in default under this Note or is in default under the security instrument securing repayment of this Note, and such default is not cured within ____ days 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, in addition to any other rights or remedies that Lender may have under the security instrument or state and federal law. 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. OF PRESENTMENTS: Borrower waives presentment for payment, notice of dishonor, protest and notice of protest. No failure or delay by Lender in exercising Lender’s rights under this Note shall be considered a waiver of such rights. 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.
maximum rate allowed by law, whichever is less, until the Borrower is no longer in default. ALLOCATION OF PAYMENTS: Payments shall be first credited any late fees due, then to interest due and any remainder will be credited to principal. PREPAYMENT: Borrower may pre-pay this Note without penalty. 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. DUE ON SALE: This Note is secured by a security instrument described in Section 17 securing repayment of this Note, the property described in such security instrument may not be sold or transferred without the Lender’s consent. If Borrower breaches this provision, Lender may declare all sums due under this Note immediately due and payable, unless prohibited by applicable law. ACCELERATION: If the Borrower is in default under this Note or is in default under the security instrument securing repayment of this Note, and such default is not cured within ____ days 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, in addition to any other rights or remedies that Lender may have under the security instrument or state and federal law. 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. OF PRESENTMENTS: Borrower waives presentment for payment, notice of dishonor, protest and notice of protest. No failure or delay by Lender in exercising Lender’s rights under this Note shall be considered a waiver of such rights. 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.