|
Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings,
<br />whether by judicial proceeding, self-help, repossession or any other method, by any creditor of
<br />Borrower or by any governmental agency against any collateral securing the loan. This includes a
<br />garnishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this
<br />Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or
<br />reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if
<br />Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with
<br />Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined
<br />by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor,
<br />endorser, surety, or accommodation party of any of the indebtedness or any guarantor, endorser,
<br />surety, or accommodation party dies or becomes incompetent, or revokes or disputes the validity of,
<br />or liability under, any guaranty of the indebtedness evidenced by this Note.
<br />Adverse Change. A material adverse change occurs in Borrower's financial condition, or Lender
<br />believes the prospect of payment or performance of this Note is impaired.
<br />Insecurity. Lender in good faith believes itself insecure.
<br />NOTICE OF DEFAULT. If Borrower fails to make any payment on the Note when due, Lender shall
<br />deliver to Borrower written notice of such default describing the amount past due, and if Borrower fails to
<br />bring the payment current within ten (10) days after delivery of such notice, this failure shall be an Event of
<br />Default as provided above. Further, if Borrower fails to comply with any of the other terms and conditions
<br />of this Note and the instruments securing same within thirty (30) days from date of written notice from
<br />Lender, this, too, shall constitute an Event of Default under the terms of this Note.
<br />LENDER'S RIGHTS. Upon default, Lender may declare the entire indebtedness, including the unpaid
<br />principal balance on this Note, all accrued unpaid interest, and all other amounts, costs and expenses for
<br />which Borrower is responsible under this Note or any other agreement with Lender pertaining to this loan,
<br />immediately due, without notice, and then Borrower will pay that amount.
<br />ATTORNEYS' FEES: EXPENSES. Lender may hire an attorney to help collect this Note if Borrower
<br />does not pay, and Borrower will pay Lender's reasonable attorneys' fees. Borrower also will pay Lender all
<br />other amounts Lender actually incurs as court costs, lawful fees for filing, recording, or releasing to any
<br />public office any instrument securing this Note; and the reasonable cost actually expended for repossessing,
<br />storing, preparing for sale, and selling any security.
<br />JiJRY WAIVER. Lender and Borrower hereby waive the right to any jury trial in any action,
<br />proceeding, or counterclaim brought by either Lender or Borrower against the other.
<br />GOVERNING LAW. This Note will be governed by, construed and enforced in accordance with
<br />Federal Law and the laws of the State of Texas. This Note has been accepted by Lender in the State
<br />of Texas.
<br />CHOICE OF VENUE. If there is a lawsuit, and if the transactions evidenced by this Note occurred in
<br />Lamar County, Borrower agrees upon Lender's request to submit to the jurisdiction of the Courts of Lamar
<br />County, State of Texas.
<br />DISHONORED CHECK CHARGE. Borrower will pay a processing fee of $25.00 if any check given by
<br />Borrower to Lender as a payment on this loan is dishonared.
<br />
|