For value received, the undersigned member promises to pay to the order of NANTUCKET BOATING CLUB LLC the principal sum remaining balance by March 15th. The member shall have the right to prepay all or a portion of the outstanding indebtedness. Any prepayment shall be applied to the payment of principal. In the event the balance is not paid by March 15th, the member shall be deemed to be in default therein.. Upon the occurrence of such default, in addition to any other remedies that may be available, NANTUCKET BOATING CLUB, LLC shall have the right to suspend all membership privileges, cancel or deny any boat usage, and declare the full amount of the balance due and owing here under immediately due and payable.