What is the name of your state (only U.S. law)? Florida
We sold property and was paid x amt.of dollars then the remainder $ we allowed a promissory note. The language of the note we would like clarified. For instance "the maker" of the note, would that be us or the party paying the note? And "the holder" of the note, would that be which one?
Please explain what the following paragraphs of the note mean.
"This note is to be contrued and enforced according to the laws of the State of Florida; upon default in the payment of principal and/or interest when due, the make of this note may, at their option, record a second mortgage on the property"
AND
"Unless specifically disallowed by law, should litigation arise hereunder, service of process therefor may be obtained through certified mail, return receipt requested; the parties hereto waiving any and all rights they may have to object to the method by which service was perfected."
We sold property and was paid x amt.of dollars then the remainder $ we allowed a promissory note. The language of the note we would like clarified. For instance "the maker" of the note, would that be us or the party paying the note? And "the holder" of the note, would that be which one?
Please explain what the following paragraphs of the note mean.
"This note is to be contrued and enforced according to the laws of the State of Florida; upon default in the payment of principal and/or interest when due, the make of this note may, at their option, record a second mortgage on the property"
AND
"Unless specifically disallowed by law, should litigation arise hereunder, service of process therefor may be obtained through certified mail, return receipt requested; the parties hereto waiving any and all rights they may have to object to the method by which service was perfected."