4. LATE FEES. The Borrower agrees to pay $ should they fail to pay the
monthly Balance with interest, within days from the due date.
5. PREPAYMENT. The Borrower has the right to pay back the loan in-full or make additional
payments at any time without penalty.
6. REMEDIES. No delay or omission on part of the holder of this Note in exercising any right
hereunder shall operate as a waiver of any such right or of any other right of such holder,
nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver
of the same or any other right on any future occasion. The rights and remedies of the
Lender shall be cumulative and may be pursued singly, successively, or together, in the sole
discretion of the Lender.
7. COLLATERAL. The Borrower agrees to pledge as collateral the car to be purchased,
described as a (Make) (Model), to ensure loan
repayment. Said vehicle will only be transferred to the ownership of the Lender upon
Borrower’s payment default.
8. EVENTS OF ACCELERATION. The occurrence of any of the following shall constitute an
"Event of Acceleration" by the Lender under this Note:
a) Borrower’s failure to pay any part of the principal or interest as and when due under
this Note; or
b) Borrower’s becoming insolvent or not paying its debts as they become due.
9. ACCELERATION. Upon the occurrence of an Event of Acceleration under this Note, and in
addition to any other rights and remedies that Lender’s may have, Lender shall have the
right, at its sole and exclusive option, to declare this Note immediately due and payable.
10. SUBORDINATION. The Borrower’s obligations under this Note are subordinated to all
indebtedness, if any, of the Borrower, to any unrelated third party lender to the extent such
indebtedness is outstanding on the date of this Note and such subordination is required
under the loan documents providing for such indebtedness.
11. WAIVERS BY BORROWER. All parties to this Note including the Borrower and any
sureties, endorsers, and guarantors hereby waive protest, presentment, notice of dishonor,