These amounts shall be paid in _________ monthly installments of _________ each beginning on the first day of ________, and on the first day of each and every month thereafter until paid in full. All payments shall first be applied to the accrued interest, and the balance thereof to the principal. Interest for each month shall be added to the unpaid balance on the first day of said month at a rate of one-twelfth (1-12th) of the annual interest rate and shall be calculated upon the unpaid balance due as of the last day of the preceding month, and in the event that this note shall be paid in full, in addition to the unpaid balance, the interest accrued on the first day of the month shall become due and payable. If default be made in the payment of any of the sums or interest mentioned herein or in the performance of any of the agreements contained herein, then the entire principal sum and accrued interest shall, at the option of the holder hereof, become at once due and collectible without notice, time being of the essence; and said principal sum and accrued interest shall both bear interest from such time until paid at the highest rate allowable under the laws of the State of Florida. Failure to exercise this option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. Each person liable hereon whether maker or endorser, hereby waives presentment, protest, notice, notice of protest, and notice of dishonor and agrees to pay all costs, including a reasonable attorney's fee, whether suit be brought or not, if, after maturity of this note or default hereunder, or under said mortgage, counsel shall be employed to collect this note or to protect the security of said mortgage. Whenever used herein the terms "holder," "maker," and "payee" shall be construed in the singular or plural as the context may require or admit. MAKER: ____________________________ Date: ______________ Signature ____________________________ Legibly print name |