Common use of Prepayment; Acceleration Clause in Contracts

Prepayment; Acceleration. This Note may be prepaid in whole or in part at any time or from time to time without penalty. If this Note is not paid in full on the Maturity Date, then, at the Lender's election, all amounts not paid when due at the Maturity Date shall become part of principal and shall thereafter accrue interest at the rate of nine percent (9%) per annum. In the event of an acceleration of the maturity of this Note (as described below), this Note shall become immediately due and payable without presentation, demand, protest or notice of dishonor, all of which are hereby waived by the Borrower. The Borrower also shall pay, and this Note shall evidence the Borrower's obligation to pay, the Lender any and all actual costs incurred by the Lender for the interpretation, performance, exercise, enforcement or protection of its rights hereunder and for the collection of the Borrower's obligations under this Note, including reasonable attorneys' fees and expenses, and all costs to collect, possess, preserve, repair and liquidate the collateral given by the Borrower to secure the obligations owed to the Lender.