Upon default of payment of any instalment of this note or in the event the money borrowed on this note is not used for the purpose set forth in this application, or in the case of any misrepresentation or misstatement made by the borrower or co-maker in obtaining the loan or in case the holder shall deem the security thereof unsafe for any reason whatsoever, then this note, or so much hereof as may remain unpaid, shall at the option of the holder immediately become due and payable. In the event of default, the maker or makers hereof pledge any shares, deposits, now or hereafter held by them in this Credit Union as security, additional or otherwise, for the payment of this obligation. I/we hereby authorise(s) the Treasurer to apply any or all such shares, deposits or dividends, to the payment of this loan, interest, cost or expense.
Also if the holder thereof after default shall place this note in the hand of its solicitors (or licensed collection agency) for collection, the undersigned agree(s) to pay an additional sum as a fee for collection equal to twenty-five percent of the entire obligation, which may remain due and unpaid after there has been credited to the maker, the amount of his or her share account in this institution and after there has been applied any reductions such sums if any as may be realised from the sale of any other security in the possession of the Credit Union, which is being held as collateral against any loan. Such charge for collection in no event is to be less than five dollars.
