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Installment Note With Acceleration Clause
1. Promise to Pay. For value received, we promise to pay to the order of [name], with offices at [address], the sum of ---------- dollars ($----------) with interest at the rate of ---------- percent (----------%) per annum, in [number] equal monthly installments of ---------- dollars ($----------), the first of which shall be payable on [date], and the remaining installments on the same day in each successive month. All payments are to be made at Payee's offices.
2. Acceleration on Default in Payment of Any Installment--Grace Period. On default in the payment in full of any installment of this Note, which default continues for more than [number] days, the entire unpaid balance shall, at the option of Holder of the Note, become immediately due and payable.
3. Acceleration Upon Occurrence of Specified Events. This Note shall become due and payable immediately upon the occurrence of any of the following events:
a. Misrepresentation. The making of any misrepresentation by Maker to Payee for the purpose of obtaining credit or an extension of credit;
b. Creditor's Meeting. The calling of a meeting of Maker's creditors;
c. Committee of Creditors. The appointment of a committee of Maker's creditors;
d. Assignment for Benefit of Creditors. The making of an assignment for the benefit of Maker's creditors;
e. Receivership. The filing of a voluntary or involuntary petition for or the appointment of a receiver of Maker's property;
f. Bankruptcy. The filing of a voluntary petition by or an involuntary petition against Maker under any provision of the federal Bankruptcy Act;
g. Attachment. The issuance of a warrant of attachment or for distraint against any of Maker's property;
h. Tax Lien. The issuance of a notice of tax lien against Maker or Maker's property;
I. Judgments. The entry of a judgment against Maker or Maker's property;
j. Nonpayment of Taxes. Maker's failure to pay, withhold, collect, or remit any tax or tax deficiency when assessed or due;
k. Death. Maker's death;
l. Dissolution of Business. The dissolution of Maker's business;
m. Bulk Sale. The making of a bulk sale by Maker or the giving of notice of intent to do so;
n. Encumbering Accounts Receivable or Property. The mortgage, pledge, or assignment of Maker's accounts receivable or other property;
o. Suspension or Liquidation of Business. The suspension or liquidation of Maker's usual business;
p. Failure to Furnish Financial Information. Maker's failure, after demand by Payee, to furnish financial information to Payee or permit Payee to examine any of Maker's books of account or records;
q. Default in Performance of Other Obligations. Maker's failure to pay any other note or obligation held by Payee when due; or r. Impairment of Financial Responsibility. Whenever, in Payee's sole opinion, Maker's financial responsibility becomes impaired or unsatisfactory.
4. Attorney Fees on Collection. If an attorney is used to enforce or collect this Note for nonpayment at maturity or when due, an attorney fee of ---------- percent (----------%) of the principal and interest due shall be added to the sum then due, should the Note become due before maturity.
5. Waiver of Jury Trial, Defense, Counterclaim, Setoff. Maker waives trial by jury and the right to interpose any defense, setoff, or counterclaim in any litigation arising out of this Promissory Note.
6. Joint and Several Liability. Each Maker shall be jointly and severally liable on this Note. The provisions of Paragraph 3 relating to the acceleration of the maturity of this Note shall be applicable to the acts of either Maker.
7. Applicable Law. This Note shall be construed in accordance with the laws of [state].