Common use of Default/Right to Cure/Acceleration Clause in Contracts

Default/Right to Cure/Acceleration. If any monthly installment under the note is not paid within 10 days of its due date and remains unpaid for a period of 30 days after notice to BUYER, the entire principal balance outstanding and accrued interest thereon shall at once become due and payable at the option of the note holder. Note holder’s option to accelerate hereunder is subject to and limited by any statutory rights to cure afforded BUYER under the applicable laws of the state in which the Property is located and which are in effect on the date of execution of the Note.