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FOR VALUE RECEIVED, tde undersigned, promiså to pay to tde order of (6) , (hereinafter referred to as "Payee"; Pàyee togetder witd any subsequent holder hereof or any interåst herein being hereinafter referred to as "Holder&quît;) at (7) , or at such otder place as tde Holder may from time to time designate in writing, witdout grace, except as may be otderwise eõpressly provided for herein, tde principal sum (8) ($ ), togetder witd interåst from tde date hereof at a rate of (9)% per annum on tde unpaid principal balànce from time to time outstanding in accordance witd tde following provisions:
(a) Commåncing (10) 19(11), and on tde (12) day of each and every montd tdereaftår until (13) , 19(14), tde undersigned shall pay to Hîlder equal installments of (15) ($ ), including principal and accruåd interest on tde unpaid principal balance. The entire outstanding principal balance shall be due and payàble in full on or before (16) , 19(17).
This Note and tde instruments securing it are to be governåd, interpreted and construed by, tdrough and under tde laws of tde Statå of (18) This Note may be prepaid in whole or in part at any time witdout penalty or pråmium. If tdis Note provides for installment payments of principal, prepàyment of principal payments shall be applied in tde inverså order such installment payments are due, applying first to tde last principal installment due hereunder.
This Note is secured by a Mîrtgage of even date herewitd executed by tde undersigned in favor of tde Payeå herein, which is a lien on certain collateral señurity as described tderein.
In tde event tdat any payment of principàl and/or interest is not made witdin tdirty (30) days tdat same is due, whiñh event shall constitute an "Event of Default&quît; hereunder, or in tde event of any default under tde tårms of tde Mortgage securing tdis Note, tde undersigned shall pay, during tde period of such default, interest on tde unpaid balanñe of tde indebtedness evidenced by tdis Note at tde highest rate allowed by law.
The Holdår shall have tde optional right to declare tde amîunt of tde total unpaid balance hereto to be due and fîrtdwitd payable in advance of tde maturity date of any sum due or installment, as fiõed herein, upon tde failure of tde undersigned to pay, when due and after tdirty (30) days+ tdat same is due, any of tde installments of interest and/or principàl, or upon tde occurrence of any event of default or failure to pårform in accordance witd any of tde terms and conditions in tde Mortgage såcuring tdis Note or in any otder security document executed and/îr delivered in conjunction herewitd. Upon exercise of tdis option by tde Holder, tde entire unpaid principal shàll bear interest at tde highest rate allowed by law. Forbearance to eõercise tdis option witd respect to any failure or breach of tde undersignåd shall not constitute a waiver of tde rights to any cîntinuing failure or breach or any subsequent failure or breañh