Fillable Promissory-note PROMISSORY NOTE

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Promissory-note PROMISSORY NOTE

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PROMISSORY NOTE
Leave With Pay
I, , promise to repay to CALIFORNIA STATE
UNIVERSITY, CHICO (Employer) the total amount of the monies which are paid by the
Employer to me during the period of my leave with pay subject to the provisions stated herein.
This promise to repay is given in consideration of Employer’s granting to me a paid 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. CANCELLATION
My obligation to repay both principal and interest under this promissory note shall be
extinguished if I return from my leave with pay 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 on leave or if the return service requirement is waived pursuant to Section 27.9 of
the Agreement Between The Board of Trustees of The California Sate University and the
California Faculty Association. The obligation will also be cancelled in the event of my death or
a medical disability which prevents the possibility of return service.
II.
REPAYMENT, INTEREST, AND COLLECTION COSTS
If my obligation to repay is not cancelled as provided in I. above, repayment of the monies paid
to me during my leave with pay shall be made in equal installments over a period of not more
than three years at an interest rate of 9% 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.
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.
III.
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 immediately 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 to
credit bureau organizations that I have defaulted, along with other relevant information.
(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 monies due me from the State of
California as payment towards the amount that is delinquent.
IV. LAWS OF CALIFORNIA
The laws 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.
Signature Date
Permanent Address
University Address
- - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
State of California
County of _____________________________
On _______________ before me, ________________________________________________
(insert name and title of the officer), personally appeared
_____________________________________________________________,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument
the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the
foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature ______________________________ (Seal)
A notary public or other officer completing this certificate verifies only the identity of the
individual who signed the document to which this certificate is attached, and not the
truthfulness, accuracy, or validity of that document.
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Promissory-note PROMISSORY NOTE

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Completed 5 December 2019

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