The above are the conditions under which the lender can consider the promissory note breached. When this happens, the lender can start the collection process for the entire remainder of the amount.
If the Borrower fails to pay the note in full on the due date or has failed to make an installment payment due within 15 days of the due date, the unpaid principal shall accrue interest at the rate of (insert number) percent per year OR the maximum rate allowed by law, whichever is less, until the Borrower is no longer in default.
Borrower agrees to be solely responsible for all costs, expenses, and expenditures incurred by Lender in enforcing the terms of this promissory note, including, without limitation, fees from attorneys and collection agencies.
Any legal costs the Lender incurred by enforcing this note as a result of any default by the Borrower will be added to the principal then outstanding and shall be due and payable to the Lender immediately upon demand of the Lender.
This note is legally binding and non-transferable by either party without prior written consent by both parties.
This promissory note is the sole agreement governing the loans mentioned. No other statements, promises, or commitments shall be considered valid or enforceable.
This promissory note and the interpretation of its terms shall be governed by and construed per the laws of the State of Arizona and subject to the exclusive jurisdiction of the federal and state courts located in (insert county), Arizona.