Promissory Note
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The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission.
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(NTD81-10-06) (Mandatory 1-07)
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IF THIS FORM IS USED IN A CONSUMER CREDIT TRANSACTION, CONSULT LEGAL COUNSEL.
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THIS IS A LEGAL INSTRUMENT. IF NOT UNDERSTOOD, LEGAL, TAX OR OTHER COUNSEL SHOULD BE CONSULTED
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BEFORE SIGNING.
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PROMISSORY NOTE
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U.S. $ _____________________
___________________________,
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Colorado
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Date: _______________________________
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1.
FOR
VALUE
RECEIVED,
the
undersigned
(Borrower)
promise(s)
to
pay
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__________________________________________
(Note
Holder)
or
order,
the
principal
sum
of
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____________________________________________________________ Dollars, with interest on the unpaid principal
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balance from ______________________, until paid, at the rate of _______ percent per annum. Principal and interest shall be
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payable at _______________________________________________, or such other place as Note Holder may designate, in
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_______ payments of __________________________________________________ Dollars (U.S. $ _____________), due on
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the ____ day of each __________, beginning _____________________. Such payments shall continue until the entire
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indebtedness evidenced by this Note is fully paid; provided, however, if not sooner paid, the entire principal amount
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outstanding and accrued interest thereon, shall be due and payable on _______________________.
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2. Borrower shall pay to Note Holder a late charge of _____ % of any payment not received by Note Holder within ________
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days after the payment is due.
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3. Payments received for application to this Note shall be applied first to the payment of late charges, if any, second to the
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payment of accrued interest at the default rate specified below, if any, third to accrued interest first specified above, and the
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balance applied in reduction of the principal amount hereof.
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4. If any payment required by this Note is not paid when due, or if any default under any Deed of Trust securing this Note
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occurs, the entire principal amount outstanding and accrued interest thereon shall at once become due and payable at the option
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of Note Holder (Acceleration); and the indebtedness shall bear interest at the rate of ________ percent per annum from the date
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of default. Note Holder shall be entitled to collect all reasonable costs and expense of collection and/or suit, including, but not
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limited to reasonable attorneys’ fees.
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5. Borrower may prepay the principal amount outstanding under this Note, in whole or in part, at any time without penalty
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except
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Any partial prepayment shall be applied against the principal amount outstanding and shall not postpone the due date of any
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subsequent payments or change the amount of such payments.
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6. Borrower and all other makers, sureties, guarantors, and endorsers hereby waive presentment, notice of dishonor and
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protest, and they hereby agree to any extensions of time of payment and partial payments before, at, or after maturity. This
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Note shall be the joint and several obligation of Borrower and all other makers, sureties, guarantors and endorsers, and their
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successors and assigns.
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NTD 81-10-06. PROMISSORY NOTE
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