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. e Payee resulting from an event of default under this note or any agreement entered into in connection herewith, then earned interest may never include more than the maximum amount permitted by law, and any unearned interest included in the face of this note or otherwise shall be cancelled automatically and, if theretofore paid, shall be either refunded to Maker or credited on the principal amount of this note; and (ii) the aggregate of all interest and any other charges constituting interest under the laws of the state of Texas and contracted for, chargeable or receivable under this note or otherwise in connection with this loan transaction shall under no circumstances exceed the maximum amount of interest permitted by law, and any excess shall be deemed a mistake and cancelled automatically and, if theretofore paid, shall be either refunded to Maker or credited on the principal amount of this note. It is expressly provided that upon default in the punctual payment of this note or any part thereof, principal or interest, as the same shall become due and payable, the entire indebtedness secured by the hereinafter mentioned lien shall be matured, at the option of the holder; and in the event default is made in the prompt payment of this note when due or declared due, and the same is placed in the hands of an attorney for collection, or suit is brought on same, or the same is collected through Probate, Bankruptcy or other judicial proceedings, then the makers agree and promise to pay ten percent (10%) addi tional on the amount of principal and interest then owing, as attorney's fees. Each maker, surety and endorser of this note expressly waives all notices, demands for payment, presentations for payment, notice of intention to accelerate to maturity, protest and notice of protest, as to this note and as to each, every and all installments thereof. This note is issued pursuant to Ordinance No. 95-2010 whereunder the Maker authorized the levy of a continuing, direct, annual ad valorem tax on taxable property within the City of La Porte, within the limits prescribed by law, for each year while any part of the note is considered outstanding, in sufficient amount to pay interest on the note as it becomes due, to provide a sinking fund for the payment of the principal of the note when due, and to pay the expenses of assessing and collecting such tax. The ad valorem taxes sufficient to provide for the payment of the interest on and principal of the note, as such interest comes due and such principal matures, are hereby pledged irrevocably for such payment, within the limit prescribed by law. IT IS HEREBY CERTIFIED AND RECITED that the issuance of this note is duly authorized by law and that all acts, conditions, and things required to be done precedent to and in connection with the issuance of this note have been properly done and performed and have happened in regular and due time, form, and manner as required by the laws of the state of Texas. 2 /