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Ida executes an instrument in favor of Joy that states, The holder of this note at the date of maturity, July 1, 2010, can extend

Ida executes an instrument in favor of Joy that states, "The holder of this note at the date of maturity, July 1, 2010, can extend the time of payment indefinitely, if the holder so desires." After July 1, 2010, this instrument is

1.an order instrument.

2.a bearer instrument.

3.a demand instrument.

4.a nonnegotiable instrument.

Please advise. Thank you.

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