Please explain this to me-any legal advice would be grateful-thanks?

The Undersigned promises to pay the order of{insurance company}at its office at{the insurance address} the sum of$20,225.59 Dollars, in monthly installments at the rate of$50.00 per month payable on the 30th day of each month commencing 9/30/07,untill the total sum is fully paid on the 30th day of April,2041.**DOWNPAYMENT OF $100.00DUE 9/30/07 AND MONTHLY PAYMENTS THEREAFTER.


The nonpayment of any installment of this note at the time and place specified herein shall,at the option of the Holder,render the entire unpaid balance of this note,due and payable forthwith.This note may be prepaid in full or part.


The undersigned and each endorser hereby waives presentment,demand,notice of dishonor and protest,and consents to any and all extensions hereof without notice therefore. The undersigned,if more than one,shalll be jointly and severally liable hereunder,and all provisions hereof shall apply jointly and severally to the undersigned,if more than one. The undersigned acknowledges signingPlease explain this to me-any legal advice would be grateful-thanks?
Sounds like a car wreck - totaled the car, the insurance company paid off, but she was not legally covered (suspended license perhaps?). She has to pay the insurance company back the money and they have set her up with a $50 per month payment plan ($100 down). She must pay monthly - if she misses a payment, she can be ordered to pay it all at once. She can pay more, or even pay it off early without penalty. Anyone who cosigns with her on this agreement is bound to the same conditions. The insurance company can extend the contract if they choose (time, not money).





They have stated what she owes - and that's all they are expecting to collect. However, if she defaults (misses a payment) she not only has to pay what she owes already, but will probably have to pay lawyer fees and court costs for any further action the insurance company has to take.





As far as a ticket is concerned, that's up to the law enforcement and the District attorney - this agreement only pertains to money owed to the insurance company.Please explain this to me-any legal advice would be grateful-thanks?
You can get free legal advice on websites like LawGuru, FindLaw. Check this out for more info http://www.uelp.org/freelegal.html