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ON THIS ____ DAY OF ____________________, 20___,
_________________________________ [Name of Borrower], of
_______________________ [Address of Borrower], hereinafter known as the
“Borrower” promises to pay to _________________________________ [Name of
Lender], of _______________________ [Address of Lender], hereinafter known as the
“Lender”, the principal sum of ________________________ Dollars
($__________________), with interest accruing on the unpaid balance at a rate of
_______________ percent (___%) per annum beginning as of the date above in the
manner that follows:
1. PAYMENTS: Borrower shall pay (check the applicable box)
- NO INSTALLMENTS. Payment in full of principal and interest accrued shall
be payable on the due date.
- INSTALLMENTS of principal and interest in the amount of
________________________ Dollars ($__________________)
- INTEREST ONLY PAYMENTS on the outstanding principal balance.
If installments or interest only payments are checked above, such installment
payment shall be due and payable on the (check the applicable box)
- ____ day of every month beginning on the ____ day of
____________________, 20___.
- Every week beginning on the ____ day of ____________________, 20___.
2. DUE DATE: The full balance on this Note, including any accrued interest and
late fees, is due and payable on the ____ day of ____________________,
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3. INTEREST DUE IN THE EVENT OF DEFAULT: In the event that the Borrower
fails to pay the note in full on the due date or has failed to make an installment
payment due within 15 days of the due date, unpaid principal shall accrue
interest at the rate of _______________ percent (___%) per annum OR the
maximum rate allowed by law, whichever is less, until the Borrower is no longer
in default.
4. ALLOCATION OF PAYMENTS: Payments shall be first credited any late fees
due, then to interest due and any remainder will be credited to principal.
5. PREPAYMENT: Borrower may pre-pay this Note without penalty.
6. LATE FEES: If the Lender receives any installment payment more than
_________________ days after the date that it is due, then a late payment fee of
_________________, shall be payable with the scheduled installment payment
along with any default interest due.
7. DUE ON SALE: This Note is secured by a security instrument described in
Section 17 securing repayment of this Note, the property described in such
security instrument may not be sold or transferred without the Lender’s consent.
If Borrower breaches this provision, Lender may declare all sums due under this
Note immediately due and payable, unless prohibited by applicable law.
8. ACCELERATION: If the Borrower is in default under this Note or is in default
under the security instrument securing repayment of this Note, and such default
is not cured within ____ days after written notice of such default, then Lender
may, at its option, declare all outstanding sums owed on this Note to be
immediately due and payable, in addition to any other rights or remedies that
Lender may have under the security instrument or state and federal law.
9. ATTORNEYS’ FEES AND COSTS: Borrower shall pay all costs incurred by
Lender in collecting sums due under this Note after a default, including
reasonable attorneys’ fees. If Lender or Borrower sues to enforce this Note or
obtain a declaration of its rights hereunder, the prevailing party in any such
proceeding shall be entitled to recover its reasonable attorneys’ fees and costs
incurred in the proceeding (including those incurred in any bankruptcy
proceeding or appeal) from the non-prevailing party.
10. WAIVER OF PRESENTMENTS: Borrower waives presentment for payment,
notice of dishonor, protest and notice of protest.
11. NON-WAIVER: No failure or delay by Lender in exercising Lender’s rights under
this Note shall be considered a waiver of such rights.
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12. SEVERABILITY: In the event that any provision herein is determined to be void
or unenforceable for any reason, such determination shall not affect the validity
or enforceability of any other provision, all of which shall remain in full force and
13. INTEGRATION: There are no verbal or other agreements which modify or affect
the terms of this Note. This Note may not be modified or amended except by
written agreement signed by Borrower and Lender.
14. CONFLICTING TERMS: In the event of any conflict between the terms of this
Note and the terms of any security instrument securing payment of this Note, the
terms of this Note shall prevail.
15. NOTICE: Any notices required or permitted to be given hereunder shall be given
in writing and shall be delivered (a) in person, (b) by certified mail, postage
prepaid, return receipt requested, (c) by facsimile, or (d) by a commercial
overnight courier that guarantees next day delivery and provides a receipt, and
such notices shall be made to the parties at the addresses listed below.
16. EXECUTION: The Borrower executes this Note as a principal and not as a
surety. If there is more than one Borrower, each Borrower shall be jointly and
severally liable under this Note.
This agreement was signed the ____ day of ____________________, 20___ by the
_______________________ _______________________
Lender’s Signature Borrower’s Signature
_______________________ _______________________
Lender’s Printed Name Borrower’s Printed Name
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_______________________ _______________________
Witness’s Signature Witness’s Signature
_______________________ _______________________
Witness’s Printed Name Witness’s Printed Name
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