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__________. Equal monthly payments of principal and interest in the amount of $___________ shall <br />commence on _______________ and shall continue on the same day of each month thereafter until <br />___________ when the entire unpaid principal balance under this Note, including all accrued interest, <br />shall be due and payable. <br /> <br />3. Interest Rate. Interest on the unpaid Principal Balance shall accrue at the rate of four <br />percent (4.0%) per annum (the “Interest Rate”). <br /> <br />4. Calculation of Interest. In all cases interest on this Note shall be calculated at the <br />Interest Rate on the basis of a 365 day year but charged for actual days the Principal Balance is and <br />remains unpaid. <br /> <br />5. Prepayment. The entire outstanding principal balance of this Note may be prepaid at <br />any time at the option of the Borrower, in whole or in part, without penalty. Any partial prepayment <br />shall not relieve Borrower from the obligation to make the next succeeding installment payments due <br />hereunder, and such prepayment shall be in payment of principal last due under this Note. <br /> <br />6. Order of Priority. All payments and prepayments shall, at the option of the Holder, be <br />applied first to any costs of collection, second to accrued interest on this Note, and last to the Principal <br />Balance. <br /> <br />7. Events of Default. As used in this Note, the term “Event of Default” shall mean and <br />include any one or more of the following events: <br /> <br />a. Payments. The Borrower shall after ten (10) days’ prior written notice to <br />Borrower by Holder, fail to pay any amounts required to be paid by the Borrower under this <br />Note, or any other indebtedness of the Borrower to the Holder, when due, whether any such <br />indebtedness is now existing or hereafter arises and whether direct or indirect, due or to become <br />due, absolute or contingent, primary or secondary or joint and several and more than ten (10) <br />days have elapsed from the written notice from Holder to Borrower of such non-payment. <br /> <br />b. Covenants. The Borrower shall fail to observe or perform any covenant, <br />condition or agreement to be observed or performed by Borrower under this Note for a period of <br />ten (10) days after written notice given to the Borrower by the Holder specifying such default <br />and requesting that it be remedied;. <br /> <br />c. Bankruptcy. The Borrower shall file or have filed against Borrower a petition <br />in bankruptcy or for reorganization or for an arrangement pursuant to any present or future state <br />or federal bankruptcy act or under any similar federal or state law (unless such petition is <br />discharged within (30) days); or shall be adjudicated as bankrupt or insolvent, or shall make a <br />general assignment for the benefit of Borrower’s creditors, or shall be unable to pay Borrower’s <br />debts generally as they become due; or if an order for relief under any present or future federal <br />bankruptcy act or similar state or federal law shall be entered against the Borrower; or if a <br />petition or answer requesting or proposing the entry of such order for relief or the adjudication of <br />the Borrower insolvent or bankrupt or for reorganization under any present or future state or <br />federal bankruptcy act or any similar federal or state law shall be filed in any court and such <br />petition or answer shall not be discharged or denied within thirty (30) days after the filing <br />thereof; or if a receiver, trustee or liquidator of the Borrower or of all or substantially all of the <br />assets of the Borrower shall be appointed in any proceeding brought against the Borrower and <br />shall not be discharged within thirty (30) days of such appointment; or if the Borrower shall <br />consent to or acquiesce in such appointment; or if any property of the Borrower shall be levied <br />61