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by all necessary governmental entities and agencies having juris-
diction over the Property for the construction of residential units
on the Property, in such form that, upon the Mortqagor's application,
building permits for construction of such residential units will be
immediately issued to the Mortgagor subject only to compliance with
applicable building codes..
If any payment under this Note is not received by the
holder within 15 days after the payment is due, the Maker shall
pay a late charge to the holder of this Note of five percent (5$)
of the amount of the overdue payment. The late charge shall be
immediately due and payable, without demand by the holder of this
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Note.
If any installment of principal_ or interest is not re-
ceived by the holder when due, the holder shall give the Maker
written notice. If payment is not received by the holder by the
later of (a) 30 days after the payment was due or (b) 15 days after
the date maker receives the notice, the maker shall be deemed in
default, and the entire principal amount outstanding, accrued
interest, and any additional principal sum under paragraph (c) of
this Note, shall at once become due and payable, at the option of
the holder of this Note. The holder may exercise this option,to
accelerate during any default by the Maker regardless of any prior
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forbearance. In the event of any default in the payment of this
Note, the Maker will pay all costs of collection, including but
not limited to court costs and attorneys' fees.
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The indebtedness evidenced by this Note is secured by
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