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It is agreed that time is of the essence in the perfomiancc of this Note. In the event of default <br />in the payment of principal or interest due on this Note, or if any other event of default as defined, <br />specified or provided in this Note or the Mortgage occurs and is continuing, the Holder hereof shall <br />have the right and option to declare, without notice, all of the remaining unpaid principal balance <br />of this Note, together with accrued and/'or accruing interest thereon, immediately due and payable. <br />The I iolder may exercise this option to accelerate for any default by Borrower regardless of any prior <br />forbearance. In the event of any default hereunder tlic Borrower agrees to pay all costs of collection <br />including reasonable attorneys' fees and legal expenses, whether or not legal proceedings arc <br />commenced. <br />No delay on the part of the Holder in exercising any right or remedy under this Note shall <br />operate as a waiver of or preclude the exercise of such right or remedy or any other remedy under <br />this Note. No waiver by the Holder shall be effective unless in wTiting signed by the Holder. A <br />waiver on one occasion shall not be construed a waiver of any such right or remedy on a future <br />occasion. Borrower expressly waives demand for p.aymcnt, presentment, notice of presentment, <br />notice of dishonor, protest and notice of protest. 1 his Note shall be the joint and several obligation <br />ofall makers, sureties, guarantors and endorsers and shall be binding upon them and their successois <br />and a.ssigns. <br />All agreements between the 1 Iolder and the Borrower arc hereby expressly limited so that in <br />no contingency or event whatsoever, whether by reason of acceleraiion of maturity of the <br />indebtedness evidenced hereby orotheiwisc. shall the amount paid or agreed to be p.iid to the I Iolder <br />for the use, forbearance, loaning or detention of the indebtedness evidenced hereby exceed the <br />maximum rate permissible under applicable law-. I f, from any circumstances w hatsoever. fulfil Intent <br />ofany provisions hereoforofthc Mongage shall involve transceiJing the limit of interest pcnnilteJ <br />by law. then, the obligation to be fulfilled shall automatically be reduced to the limit of such validity <br />and if from any circumstances the Holder should ever receive as interest an amount which would <br />exceed the highest lawful rate, such amount which would be in excess of such highest lawful rate <br />shall be applied to the reduction of principal balance evidenced hereby and not to the payment of <br />interest. Thi.s provision shall control every other provision of all agreements between the Borrower <br />and I Iolder and shall also be binding upon and available to any subsequv nt holder or endorsee of this <br />Note. <br />'fhis Note is made pursuant to and shall be construed in accordance w iih the laws of the State <br />of Minnesota. <br />above. <br />IN \MTNF.SS Wl lERHOF, the Borrower has executed this Note the day and year first written <br />Premier Design & Development, LLC <br />By <br />Its <br />c Prom Note . 1 <br />t <br />------