It is expressly agreed and provided that upon default in the punctual payment of this note when it becomes due and payable (punctual payment shall mean not to exceed five days after the note becomes due and payable as provided above) then an additional sum as reasonable collection fees shall be added to said principal and interest , and further, if the same is placed in the hands of an attorney for collection, then the undersigned agree and promise to pay an additional sum as reasonable attorney’s fee, which in no event shall be less than forty percent (40%) of the principle then owing.
It is expressly agreed and provided that after this note becomes due and payable, the holder may agree with any of us to accept partial payments or payments in installments and such agreement or payments shall not affect the liability of the other makers who shall remain bound for the payment hereof. Venue of any action on this note shall be in any county, any state, USA.
It is expressly agreed and provided that if suit is necessary for collection of this note, the holder hereof may sue any or all of the undersigned and any party not served with citation therein shall not be released but shall remain bound for the payment hereof.
PRINCIPALS HEREBY ACKNOWLEDGE RECEIPT OF A COPY OF THIS PROMISSORY NOTE AND UNDERSTAND THE PROVISIONS OF SAME BEFORE SIGNING.