Promissory Note 3/09
CALIFORNIA STATE UNIVERSITY, LOS ANGELES
Sabbatical or Difference in Pay Leave
I, ________________________, promise to repay to California State University, Los Angeles (“Employer”) the total
amount of the moneys which are paid by Employer to me during the period of my leave. This promise to repay is given in
consideration of Employer’s granting to me a leave pursuant to the provisions of the Memorandum of Understanding
between the California Faculty Association and the Trustees of the California State University under the authority of the
Higher Education Employee Relations Act.
TYPE OF LEAVE: Sabbatical Difference in Pay
PERIOD OF LEAVE: _____________, 20___ ___________ to ___________
I further understand and agree that:
Repayment of the moneys paid to me during my leave shall be made in equal installments over a period of not more than
three years at an interest rate of ten percent (10%) which shall commence to run on the unpaid balance on the first day of
the academic term in which I am scheduled by Employer to return to my duties with Employer. Payments shall be made
monthly and shall be first applied against payment of interest and any excess applied against payment of principal.
My obligation to repay both principal and interest under this promissory note shall be extinguished if I return from my
leave and resume my duties with Employer in the academic term scheduled by Employer and serve at least one academic
term for each academic term of leave.
III. Collection Costs
I further agree to pay all collection costs including court costs and attorney fees which are incurred for the collection of
any amount not paid when due.
IV. Default and Acceleration
(1) If I fail to pay any installment when due the entire unpaid indebtedness, including interest shall, at
the option of the Employer, become due and payable. Thereafter, interest shall continue to accrue
on the entire unpaid balance.
(2) I understand that if I am delinquent in my repayments, the Employer will disclose that I have
defaulted, along with other relevant information, to credit bureau organizations.
(3) I understand that if I am delinquent on any repayment, pursuant to California law, the Employer will
have the right to obtain all or any portion of any moneys due me from the State of California as
payment towards the amount that is delinquent.
V. California Law
The law of California shall govern the interpretation of this promissory note.
By signing below, I manifest my acceptance and agreement to all of the foregoing terms and conditions.
Address City State Zip