PROMISSORY NOTE
This document defines a legal agreement between (Lender) and (Borrower)
in which (Borrower) promises to pay (Lender) (Amount of Principle in
USD), together with interest thereon at the rate of ___ % per annum
on the unpaid balance. Said sum shall be paid in the following manner:
(Describe terms)
All payments shall be first applied to interest and the balance to principal.
This Note may be prepaid, at any time, in whole or in part, without
penalty.
This Note shall at the option of the holder hereof be immediately due
and payable upon failure to make any payment due hereunder or for breach
of any condition of any security interest, mortgage, pledge agreement
or guaranty granted as collateral security for this Note or breach of
any condition of any security agreement or mortgage, if any, having
a priority over any security agreement or mortgage on collateral granted,
in whole or in part, as collateral security for this Note or upon the
filing by any of the undersigned of an assignment for the benefit of
creditors, bankruptcy, or for relief under any provisions of the Bankruptcy
Code; or by suffering an involuntary petition in bankruptcy or receivership
not vacated within thirty days.
In the event this Note shall be in default, and placed with an attorney
for collection, then the undersigned agree to pay all reasonable attorney
fees and costs of collection. Payments not made within_____days of due
date shall be subject to a late charge of _____% of said payment. All
payments hereunder shall be made to such address as may from time to
time be designated by any holder hereof.
The undersigned and all other parties to this Note, whether as endorsers,
guarantors or sureties waive demand, presentment and protest and all
notices thereto and further agree to remain bound, notwithstanding any
extension, modification, waiver, or other indulgence by any holder or
upon the discharge or release of any obligor hereunder or to this Note,
or upon the exchange, substitution, or release of any collateral granted
as security for this Note.
Signed and sealed under penalty of perjury this ___day of _________,
20___.
________________________ Lender
________________________ Borrower