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10:54:10 AM10/24/2006. A B 1st …primary M3QSpace™ informational field reference. A professional web based educational document for the Level Six (L6) Aggregated Resource Pool (L6-ARP) of accredited shareholders, partners, clientele and affiliates. Thank-you gentleman, for your online conferences today. Please contact the accredited principal(s) for appointment in Las Vegas and Los Angeles to complete this particularly fantastic “Spirit of Place on the Coast”! This VIP Entertainment based Gemstone Realty event, happens only 1 time in your lifetime in ReelTime4uBaby!™. Happy Thanksgiving Everybody! Last Chance for Romance in 2006!. |
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7. LATE CHARGE. In the event that Borrower fails to pay any interest payment due hereunder within ten (10) business days after the Due Date thereof, Borrower shall pay a late charge equal to Five Percent (5%) of the overdue amount. Acceptance of any late charge shall not limit any of Holder’s rights or remedies. |
8. REAL PROPERTY AS SECURITY. In order to secure payments hereunder, Borrower shall concurrently with the execution of this Promissory Note grant and deliver to Lender a Pledge of a Participation in Trust Deed encumbering certain parcel(s) of real property, which said encumbrance shall not create indebtedness on the subject parcel(s) of real property in excess of Sixty Percent (60%) of the fair market value of the completed structure on the subject parcel(s) of real property. |
9. DEFAULT. Any of the following shall constitute an event of default under this Note whether committed by or against the Borrower: |
| A. The nonpayment when due of principal or of interest on this Promissory Note; |
B. Any petition in bankruptcy being filed by or against Borrower or any proceedings in bankruptcy, insolvency or under any other laws relating to the relief of debtors, being commenced for the relief or readjustment of any indebtedness of Borrower, either by reorganization, composition, extension or otherwise; |
C. The making by Borrower of an assignment for the benefit creditors; |
D. The appointment of a receiver by Borrower; |
E. Any litigation against, seizure, or attempted seizure, or any vesting of rights of or intervention by or under any authority of any third party, government or any lender of Borrower, of any interest in the Deed of Trust, or the related real estate. |
At any time after the occurrence of any such event of default, Lender may, at his option, do any one or more of the following: |
A. Declare this Note and the whole sum of principal and unpaid interest immediately due and payable; and/or |
B. Immediately foreclose on the Deed of Trust securing this Promissory Note and proceed with the sale of the underlying real estate as set forth in said Deed of Trust. |
Lender shall have the right to enforce one or more remedies hereunder successfully or concurrently, against the Borrower and the Deed of Trust, and any such action(s) shall not stop or prevent Lender from pursuing any further remedy which he may have hereunder or by law. |
10. LOAN ARRANGED BY A LICENSED REAL ESTATE BROKER. Borrower hereby declares and acknowledges that this loan, as represented by this Promissory Note, was solicited by Borrower from Lender in the State of California, with loan funds to be disbursed in the State of California, and with interest and principal payments to be paid by Borrower in the State of California, and that this loan was arranged in the State of California by EFA... |
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