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to law. Should any interest or other charges paid by the Maker,
or parties•liable for the payment of this Note, in connection with
the loan evidenced by this Note, or the Mortgage or Security
interest Agreement securing the payment of this Note, or any
other document delivered•in connection with said loan, resu3,t
in the computation or earning of interest in excess of the
maximum legal rate of interest which is legally permitted under
applicable law, then any and all such excess shall be and the same
is hereby .waived by the Payee and holder hereof, and any
and all such excess shall be automatically credited against
and in reduction of the balance due under this indebtedness,
and the portion of said excess which exceeds the balance
due under this indebtedness shall be paid by the Payee hereof
to the Maker and parties liable for the payment of this Note.
The Maker and all endorsers and guarantors of this
Note hereby waive demand, gresent,~nent, notice of non-payment, ti
dishonour and protest, and agree fn case suit shall be brought
for the collection hereof, or it is necessary to place the same
in the hands of an attorney for collection, to pay reasonable
attorney's fees for making such collection, including but not
limited to, all fees and costs incident to any appeals which
may result, whether the holder hereof is obligated therefor
or not. -
• It is agreed that the granting to the Maker of this
Note or any other party of an extension or extensions of time
for the payment of any sum or sums due hereunder or under the
.Mortgage or Security Interest Agreement securing the payment
of this Note or for the performance of any covenant or
stipulation thereof or the taking of other or additional
security shall not in any-way release or affect the liability
of the Maker and the endorsers and guarantors of this Note.
This Note is secured by a mortgage (the "Mortgage")
and a security interest agreement (the-"Security Interest
Agreement"), each of even date herewith, executed and
delivered by the Maker in favour of the Payee, encumbering
real and personal property of the Maker located, in whole
or in part, in the State of Florida. If the Maker fails
to make any payment of principal or interest hereunder as an~~
when it becomes due or fails. to perform any of its obligations
under, or is otherwise in default pursuant to, either of the
Mortgage and Security Interest Agreement; or if any guarantor
of the obligations of the Maker hereunder shall be or become
insolvent or bankrupt, or disaffirm his obligations under the
guarantee executed by him or shall give notice to the Payee
of the discontinuance of his guarantee or if any guarantee
shall be or become unenforceable by the Payee; then and in any
such event the principal amount of this Note, together with
all accrued and unpaid interest thereon, shall forthwith
be and become due and payable in full on demand by the Payee
for such payment. Reference to the Mortgage and the Security
interest Agreement is hereby made for a description of the
circumstances under which the-obligation to pay the principal _
amount hereof may become accelerated, all to the same effect.
as if the provisions thereof were herein set forth. The
provisions of this Note shall be construed according to the
laws of the Province of Ontario, Canada, provided, however,
that with respect to the remedies of the Payee granted in
the Mortgage and the Security Interest .Agreement, the laws
of the State of Florida shall apply where applicable.
?his Note is issued on the condition that the Maker
shall have the right to prepay the principal amount .outstanding
hereunder in whole or in part at any time and from time to time,
without bonus, upon 48 hours notice to the Payee of such
prepayment.
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