How often will Canopy Lawn Care franchisees make payments on the promissory note?

dersigned maker of this Note promises to pay to the order of [ENTITY NOTEHOLDER] located at 2426 Old Brick Road, Glen Allen, Virginia 23060, the principal sum of [AMOUNT] ($AMOUNT) in the currency of the United States of America together with interest from the date of this Note at the rate of [INTEREST RATE] (INTEREST RATE%) per annum.

• 1. On the [PAYMENT DATE], and on the [DAY/DATE OF MONTH] of each and every [WEEK/MONTH] thereafter, the sum of [$AMOUNT] will be due and payable in full.
• 1. On the [DATE OF FINAL PAYMENT], the then entire outstanding principal and interest balances owing under this Note, if not sooner paid, will be due and payable in full.
• 1. All payments shall be made by preauthorized Automated Clearinghouse transactions ("ACH") or by such other reasonable method as holder directs at a bank specified by maker in writing to the holder as specified above.
• 1. Any payment is late if not received by holder within 10 days after it is due. If a payment is late, holder may, in its sole discretion elect to;
  • A. Declare the entire unpaid principal and interest balances immediately due and payable; or
  • B. Accept the late payment along with a late charge in the amount of 10% of the amount of the late payment. The late charge will be for the purpose of compensating holder for additional expenses which it is recognized that holder will incur as a result of the late payment.
• 1. All payments, as of the date they are received, will first be credited to any late charges due; the balance, if any, will then be credited to the outstanding interest balance; and the balance, if any, will then be credited to the outstanding principal balance.
• 1. In the event holder elects under 4A above to demand payment in full of the entire unpaid balance, holder will first provide maker with written notice of its election, demanding payment in full within 10 days. In the event a default exists after the 10-day notice period has expired, maker promises and agrees:
  • A.

Source: Item 23 — RECEIPT (FDD pages 55–199)