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0 • ' 2�11056�i�. in favor of Lender including, but not limited to, any agreement contained in any other promissory note, mortgage, deed of trust, assignment, pledge, security agreement, or guaranty. 9. Late Char�e. If any installment hereunder, or any portion thereof, is not paid when due, whether at sta.ted 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 sha11 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 sha11 not preclude any other or further exercise thereof. No waiver by the Lender sha11 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 sha11 be of the essence hereof. 12. Assignment. 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 a11 of the rights, remedies, powers, privileges and benefits herein granted the Lender sha11 automatically be vested in the assignee, transferee, holder or holders. Lender may, at any time, sell, transfer, assign or grant participations in this Promissory Note, any mortgage(s) or deed(s) of trust or other security instrument(s) securing this Promissory Note, and any other related loan documents. 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: 0