PROMISSORY NOTE
I, , promise to repay to California State University, Fresno ("Employer") the total
amount of the monies which are paid by Employer to me during the period of my sabbatical leave. This promise to
repay is given in consideration of Employer's granting to me a sabbatical 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 Employer-Employee Relations Act.
I further understand and agree that:
I. REPAYMENT/INTEREST
Repayment of the monies paid to me during my sabbatical 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 first be applied against payment of interest and any excess
applied against payment of principal.
II. CANCELLATION
My obligation to repay both principal and interest under this promissory note shall be extinguished if I return
from my sabbatical leave and resume my duties with Employer in the academic term scheduled by my 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)
(2)
(3)
If I fail to pay any installment when due the entire unpaid indebtedness, including interest shall, at the
option of the Employer, become immediately due and payable. Thereafter, interest shall continue to accrue
on the entire unpaid balance.
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.
I understand that if I am delinquent on my repayment, pursuant to California law the Employer will have
the right to obtain all or any portion of any monies due me from the State of California as payment towards
the amount that is delinquent.
V. LAW OF CALIFORNIA
The law of California shall govern the interpretation of this promissory note.
By signing below I manifest my acceptance and agreement to all the foregoing terms and conditions.
Signature Date
Permanent Address
University Address
PVPAA/F89
