FOR FIVE (5) DAYS, MAKER
SHALL PAY TO PAYEE UPON DEMAND AN AMOUNT EQUAL TO THE LESSER OF FIVE PERCENT
(5%) OF SUCH UNPAID SUM OR THE MAXIMUM AMOUNT PERMITTED BY APPLICABLE LAW (THE
"LATE PAYMENT CHARGE"), IN ORDER TO DEFRAY THE EXPENSE INCURRED BY PAYEE IN
HANDLING AND PROCESSING SUCH DELINQUENT PAYMENT AND TO COMPENSATE PAYEE FOR THE
LOSS OF THE USE OF SUCH DELINQUENT PAYMENT.
WITH RESPECT TO THE FOREGOING FIVE
(5) DAY GRACE PERIOD, THE PARTIES AGREE THAT SUCH FIVE (5) DAY GRACE PERIOD
SHALL ONLY BE APPLICABLE NO MORE THAN TWICE DURING THE TERM AND IN ALL OTHER
INSTANCES, THE LATE PAYMENT CHARGE SHALL BE PAYABLE IN ACCORDANCE WITH THIS
SECTION 6 WITH RESPECT TO ANY MONTHLY DEBT SERVICE PAYMENT AMOUNT WHICH IS NOT
PAID BY MAKER ON THE DATE WHICH THE SAME IS DUE.
7.
AMENDMENTS.
THIS NOTE MAY NOT BE MODIFIED, AMENDED, WAIVED,
EXTENDED, CHANGED, DISCHARGED OR TERMINATED ORALLY OR BY ANY ACT OR FAILURE TO
ACT ON THE PART OF MAKER OR PAYEE, BUT ONLY BY AN AGREEMENT IN WRITING SIGNED BY
THE PARTY AGAINST WHOM ENFORCEMENT OF ANY MODIFICATION, AMENDMENT, WAIVER,
EXTENSION, CHANGE, DISCHARGE OR TERMINATION IS SOUGHT.
WHENEVER USED, THE
SINGULAR NUMBER SHALL INCLUDE THE PLURAL, THE PLURAL THE SINGULAR, AND THE WORDS
"PAYEE" AND "MAKER" SHALL INCLUDE THEIR RESPECTIVE SUCCESSORS, ASSIGNS, HEIRS,
EXECUTORS AND ADMINISTRATORS.
IF MAKER CONSISTS OF MORE THAN ONE PERSON OR
PARTY, THE OBLIGATIONS AND LIABILITIES OF EACH SUCH PERSON OR PARTY SHALL BE
JOINT AND SEVERAL.
8.
WAIVER.
MAKER AND ALL OTHERS WHO MAY BECOME LIABLE FOR THE
PAYMENT OF ALL OR ANY PART OF THE DEBT DO HEREBY SEVERALLY WAIVE PRESENTMENT AND
DEMAND FOR PAYMENT, NOTICE OF DISHONOR, PROTEST, NOTICE OF PROTEST, NOTICE OF
NONPAYMENT, NOTICE OF INTENT TO ACCELERATE THE MATURITY HEREOF AND OF
ACCELERATION.
NO RELEASE OF ANY SECURITY FOR THE DEBT OR ANY PERSON LIABLE FOR
PAYMENT OF THE DEBT, NO EXTENSION OF TIME FOR PAYMENT OF THIS NOTE OR ANY
INSTALLMENT HEREOF, AND NO ALTERATION, AMENDMENT OR WAIVER OF ANY PROVISION OF
THE LOAN DOCUMENTS MADE BY AGREEMENT BETWEEN PAYEE AND ANY OTHER PERSON OR PARTY
SHALL RELEASE, MODIFY, AMEND, WAIVE, EXTEND, CHANGE, DISCHARGE, TERMINATE OR
AFFECT THE LIABILITY OF MAKER, AND ANY OTHER PERSON OR PARTY WHO MAY BECOME
LIABLE UNDER THE LOAN DOCUMENTS, FOR THE PAYMENT OF ALL OR ANY PART OF THE DEBT.
9.
EXCULPATION.
IT IS EXPRESSLY AGREED THAT RECOURSE AGAINST MAKER
FOR FAILURE TO PERFORM AND OBSERVE ITS OBLIGATIONS CONTAINED IN THIS NOTE SHALL
BE LIMITED AS AND TO THE EXTENT PROVIDED IN SECTION 10.1 OF THE LOAN AGREEMENT.
10.
NOTICES.
ALL NOTICES OR OTHER COMMUNICATIONS REQUIRED OR PERMITTED
TO BE GIVEN PURSUANT HERETO SHALL BE GIVEN IN THE MANNER SPECIFIED IN THE LOAN
AGREEMENT DIRECTED TO THE PARTIES AT THEIR RESPECTIVE ADDRESSES AS PROVIDED
THEREIN.
11.
JOINT AND SEVERAL.
EACH PERSON CONSTITUTING MAKER HEREUNDER SHALL
HAVE JOINT AND SEVERAL LIABILITY FOR THE OBLIGATIONS OF MAKER HEREUNDER EXCEPT
AS OTHERWISE PROVIDED IN THE LOAN DOCUMENTS.
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