New York generally requires 120 days before you can declare a party in default of a promissory loan. However, you can adjust the period depending on the type of agreement and entity to which you gave the Loan.
Should the Borrower default under this Note or any provision of it, and they do not cure the default within the allotted time of (Days) days, the Lender can declare all outstanding sums of this Note to be immediately payable.
The Borrower can be in default should any of the following, but not limited to, occur:
Failure to complete the installments as outlined in Section three (3).
Death, incapacitation, or bankruptcy of the Borrower.
If Borrower violates the terms of this agreement.
The Borrower agrees to be solely responsible for all expenses the Lender incurs by enforcing the terms of this Note. It includes, without limitation, attorney fees and collection agencies. These costs will be added to the principal amount and due immediately upon demand of the Lender.
Unpaid principal, interest, and late fee amounts more than 15 days late will accrue interest at the maximum rate of 16% per year until the Borrower is no longer in default of this Note.