PROMISSORY NOTE DEFAULT?
TIME IS DECLARED OF THE ESSENCE HEREOF AND UPON DEFAULT OF PAYMENT OF ANY INSTALLMENT WHEN DUE,ALL THE OTHER INSTALLMENT SHALL BECOME DUE AND PAYABLE TOGETHER WITH ALL INTEREST THAT MAY HAVE ACCRUED.IF THIS NOTE IS PLACED IN THE HANDS OF AN ATTORNEY FOR COLLECTION,THE MAKERS AND THE ENDORSERS SHALL,IN ADDITION,PAY 25% OF THE AMOUNT DUE AS ATTORNEYS FEE WHICH SUM SHALL IN ALL CASES NOT LESS THAN 500.00 BESIDES LEGAL COSTS AND EXPENSES OF LITIGATION.
Comments
It means just that. if you default, even 1 day, they have the right to sign it to an attorney for legal actions and fees.
All those caps makes it hard to read and really, I don't see a question there.