Common use of Security; Governing Law Clause in Contracts

Security; Governing Law. (a) This Note evidences indebtedness incurred for the purpose of financing the acquisition and development of real property, and payment of this Note is secured by the Loan Documents. It is agreed that, at the election of the holder hereof, the principal sum remaining unpaid hereon, together with accrued interest thereon, shall become at once due and payable at the place of payment aforesaid in the event that a default has occurred under any of the Loan Documents. (b) This Note shall be governed by, and construed in accordance with, the laws of the State of New Mexico, United States.

Security; Governing Law. (a) This Note evidences indebtedness incurred for the purpose of financing the acquisition and development of real property, and payment of this Note is secured by the Loan Documents. It is agreed that, at the election of the holder hereof, the principal sum remaining unpaid hereon, together with accrued interest thereon, shall become at once due and payable at the place of payment aforesaid in the event that a default has occurred under any of the Loan Documents.. 15 (b) This Note shall be governed by, and construed in accordance with, the laws of the State of New Mexico, United States.