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Payee or Holder, at its option, may further require that all sums due under this Note
become immediately due and payable on the closing of the real estate purchase and sale
between _________ and _________ and Makers. Failure to exercise this option shall not
constitute a waiver of any rights of Payee or Holder contained in this Note.
Larger sums may be paid at any time if there is no default under this Note, but the
payment of any larger sums in addition to the payments required in this Note shall not
relieve Makers of the payment of the periodic installments provided for in this Note,
unless it is specifically stipulated by Makers at the time of payment that any larger sums
are to be applied to the advance payment of the periodic installments next maturing in the
order of their due dates.
Makers and all endorsers now or in the future becoming parties to this Note jointly and
severally waive presentment and demand for payment, notice of dishonour, protest, and
notice of protest of this Note.
Makers agree to pay all costs and expenses of collection incurred by Payee or Holder
of this Note, in or out of Court, including without limitation, Court related costs and
expenses and reasonable attorneys’ fees and disbursements (including such costs, fees,
and disbursements incurred on appeal of any litigation). No extension of time for
payment of this Note and no alteration, amendment, or waiver of any provision of this
Note shall release, discharge, modify, change, or effect the liability of Makers under this
No delay by Payee or Holder in enforcing any covenant or right under this Note shall
be deemed a waiver of any covenant or right, and no waiver by Payee or Holder of any
particular provision of this Note shall be deemed a waiver of any other provision or a
continuing waiver of any particular provision, and except as so expressly waived in
writing, all provisions shall continue in full force and effect.
The consideration and value for the Note consists of Makers’ acknowledgment that
any and all services provided by Payee or Holder to Makers, and any and all fees charged
for the services, to date, are reasonable, professional, and agreeable. The consideration
further consists of a waiver by Makers of any present or future claim that any services
provided or fees charged, to this date, by Payee or Holder are excessive, unreasonable,
unprofessional, or otherwise disagreeable.
Makers agree and acknowledge that _________ is an authorised agent of _________,
as well as _________, and that _________[he or she]has full power and authority to
bind the corporations to the terms of the Promissory Note. Furthermore, Makers
acknowledge that the execution of the Promissory Note is pursuant to the legitimate
business purposes of the corporations.
This Note shall be construed and enforced according to the laws of the State of
Whenever used in this Note, the terms “Holder”, “Makers”, and “Payee” shall be
construed in the singular or plurals as the context may require.
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