this and the other accompanying provisions as providing the lender with two options: “[1] the option to accelerate the entire debt, in which event interest would accrue on both the First and Second Parts, or [2] simply accept the missed payments, albeit late, at a higher [default] interest rate to compensate for the time value of money.” Id. at 197. Here, the provision we are interpreting simply is not analogous to the contract provision at issue in PCH Associates. The notes at issue in this case require that the default interest provision be triggered after acceleration and only provide the lend er with one option. Therefore, PCH Associates is inapposite. B. Option to Accelerate 1. Affirmative Action Required Beal argues that even if it was req 2d 455, 71 P.2d 330, 332 (1937) (<HOLDING>); What Is Essential to Exercise of Option to
holding that the holder of the note must act in a manner that effectively provides notice that the holder has exercised his option holding that the mortgage conveys such interests that the mortgagee is the holder of the paramount title holding that even if the doctrine applies to option contracts no conversion would take place until the option were exercised by the party having the right of election holding that because a mortgage provides the security for the repayment of the note the person having standing to foreclose a note secured by a mortgage may be either the holder of the note or a nonholder in possession of the note who has the rights of a holder holding that where a mortgagee is acting on behalf of the note holder there is no disconnection between note and mortgage and the mortgagee may foreclose