200210890 - Laserfiche WebLink

Browse

200210890 9. Late Charge. If any installment hereunder, or any portion thereof, is not paid when due, whether at stated maturity or by declaration, a late charge penalty of two percent (2 %) of such past due amount shall be added to the amounts due hereunder, except that such late charge penalty shall not exceed the maximum amount permitted by law. Should interest not be paid when due, it shall thereafter bear like interest as the principal, but such unpaid interest so compounded shall not exceed an amount equal to simple interest on the unpaid principal at the maximum rate permitted by law. 10. No Waiver. No delay, omission or indulgence by Lender in exercising or enforcing any rights or remedies shall impair or affect the same or be construed to be a waiver of or acquiescence in any default. Any single or partial exercise of any rights or remedies shall not preclude any other or further exercise thereof. No waiver by the Lender shall be valid unless in writing signed by said Lender, and then only to the extent specifically set forth in said writing. 11. Time is of the Essence. Time for the payment and performance of each and all of the obligations of the Borrower shall be of the essence hereof. 12. Assi ng ment. The terms and provisions of this Promissory Note shall inure to the benefit of any assignee, transferee, or holder or holders hereof, and, in the event of any transfer or assignment of this note, each and all of the rights, remedies, powers, privileges and benefits herein granted the Lender shall automatically be vested in the assignee, transferee, holder or holders. 13. Waiver of Presentment, Protest, Notice. Borrower and all endorsers hereof severally waive presentment for payment, protest, notice of non - payment and of protest and agree to pay all reasonable costs of collection, including attorneys' fees. 14. Definitions. For purposes of this Promissory Note, the following words and phrases shall have the following meanings: 14.1 "Change Date" shall mean every twelfth (i.e., the twelfth, twenty - fourth, thirty - sixth, and so on) Monthly Due Date following the Closing Date. 14.2 "Closing Date" shall mean that date thirty days (or earlier, if Lender notifies Borrower of an earlier date), following the earlier of the Date of Completion or the Second Anniversary Date. 71