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87-- 162944 <br />11. No delay, omission or indulgence by Payee in <br />exercising or enforcing any rights or remedies shall impair or <br />affect the same or be construed to be a waiver of or <br />acquiescence in any default. Any single or partial exercise of <br />any rights or remedies shall not preclude any other or further <br />exercise thereof. No waiver by the Payee shall be valid unless <br />in writing signed by said Payee, and then only to the extent <br />specifically set forth in said writing. <br />12. Time for the payment and <br />performance <br />of the obligations of the undersigned shall be of the essence <br />hereof. <br />13. The terms and provisions of this note shall inure to <br />the benefit of any assignee, transferee, or holder or holders <br />hereof, and, in the event of any transfer or assignment of this <br />note, each and all of the , remedies <br />rights, <br />and benefits herein g powers, privileges <br />r <br />vested in the assignee, transferee, P olderhorl holders. <br />atically be <br />14. For purposes of this Promissory Note, the following <br />words and phrases shall have the following meanings: <br />19.1 "Maker` shall mean Peace Lutheran Church of Grand <br />Island, Nebraska. <br />14.2 "Payee" shall mean Lutheran Church Extension <br />Fund- Missouri Synod or order. <br />14.3 "Anniversary Date" shall mean one year from the date <br />of execution of the Promissory Note. <br />14.4 "Date of Completion" shall mean the date of issue of <br />the occupancy permit or similar authorization to <br />occupy and use the facilities on the real estate <br />subject to the Mortgage or Deed of Trust referred to <br />in Paragraph 5. <br />14.5 "Construction Loan Agreement" shall mean the agreement <br />executed as of the same date this Note has been <br />signed, executed by Maker and Payee, under the terms <br />of which the proceeds of the loan evidenced by this <br />Promissory Note are to be disbursed. <br />15 Maker and all endorsers hereof severally waive <br />presentment for payment, protest, notice of non - payment and of <br />protest and agree to pay all reasonable costs of collection, <br />including attorneys, fees. <br />IN WITNESS WHEREOF, the Maker has executed this Promissory <br />Note as of this day of May, 1987. <br />PEACE LUTHERAN CHURCH OF GRAND ISLAND, NEBRASKA <br />By. By: <br />Board of Church Properties Hoard of Church Properties <br />By' By: <br />Board or Church Properties Board 1.,f Church Properties <br />By: <br />Board of Church Properties <br />'i <br />�i <br />M <br />