Its still legal tender. 

Any legal notice or demand may be served by tendering it to anyperson thirteen years old or older residing on or in possession of the Premises; orby certified mail addressed to Tenant, return receipt requested; or by posting it uponthe Premises door, if no authorized person under the Lease is in possession of thePremises.

Did the settlement date come and go without tender or a demand and was time of the essence?

Bottom line, if you plan to pool funds so that you don't have 2nd, 3rd, 4th liens, then you will need to tread lightly and ensure all parties involved are on the exact same page so that no one gets hurt/annoyed/disappointed/angry after funds are already tendered.

Nor can the seller "cancel the deal" for any reason other that failure on your part to perform or other contingencies that are listed in the contract.At this point - assuming that the contract has been fully executed and especially if the EMD has been tendered, the contract is binding. 

How long after the note is tendered should the PML Wait to sell?

You will then receive an email with the issue and you can handle it from there. someone like Night Tenders is a good option, you might want to speak to them to see what they charge.

As I showed with leverage you have to buy a lot of houses (over 100+) just to get $1MM deployed and once you bought it who will manage them since each one needs tender love and care.

For value received _______ LLC represented by ______ promises to secure for ______ the principal sum of _____ in legal tender of the united States"  and of course the document goes on a bit....

Talk to your bar tender, your grocery check out person...meet and talk to every person you can, and talk to them about real estate.Farming is great but costs a good penny.