Promissory Note printable pdf download

Kentucky Department of Education

Minority Educator & Recruitment Scholarship Program

Promissory Note

For value received in the amount of $0.00 from Kentucky Department of Education (KDE), I the undersigned Maker promise, subject to the

conditions contained in this promissory note and applicable regulations, to pay to KDE (or any subsequent holder of this promissory note) the

foregoing principal amount plus interest at the simple annualized rate of twelve percent (12%). Interest shall accrue daily from the date of

disbursement of the principal amount to the Maker.

1. I agree that, upon verified completion of an Eligible Program of Study and verified completion of the required Qualified Teaching Service, as

determined pursuant to applicable regulations, the remaining unpaid debt evidenced by this promissory note shall be forgiven as an interest-free

scholarship. Otherwise, I shall, upon written demand by KDE (or any subsequent holder of this promissory note) sent to my last known address,

immediately repay the entire outstanding balance of principal and accrued interest if I:

(A) Fail to enroll in an Eligible Program of Study;

(B) Use the proceeds of this scholarship for purposes other than expenses related to education;

(C) Cease, prior to completion of the program, to be enrolled full-time in an Eligible Program of Study (other than by reason of inter-semester

vacations or authorized leaves of absence);

(D) Fail to begin Qualified Teaching Service within six (6) months following completion of the Eligible Program of Study or fail to render

Qualified Teaching Service in any subsequent semester (other than by reason of inter-semester vacations or authorized leaves of absence); or

(E) Make any false or incomplete representations of material fact in applying for or receiving any benefits under applicable regulations. Interest

shall continue to accrue on any outstanding portion of the principal until the debt is paid in full. Acceptance of any partial payment of principal or

interest shall not constitute a waiver of unpaid portions of principal and interest absent an agreement signed by an officer of KDE (or any

subsequent holder of this note) authorized to waive payment of the remaining balance. Election by KDE (or any subsequent holder of this note) not

to take legal action to recover any portion of this debt when due shall not by reason of estoppel preclude subsequent action for recovery. I further

agree to pay any and all attorney fees and other costs of collection authorized by law, which are necessary for the collection of any amount payable

under this promissory note.

2. KDE and I may agree to a repayment schedule and/or deferment in accordance with applicable regulations. There shall be no penalty for

repayment of all or any portion of the principal hereunder.

3. I shall promptly notify KDE (or any subsequent holder), in writing, of any change of name, address, enrollment status, deferment condition, or

pertinent employment status.

4. I hereby warrant and covenant that all representations and assurances of fact made by Maker or provided on Maker’s behalf in requesting or

receiving the proceeds of this scholarship or other benefits pursuant to applicable regulations are true, accurate, and complete.

5. I may not assign, delegate, or otherwise transfer any interest, right, or obligation arising hereunder.

6. I understand that this note, which represents the entire agreement between me and KDE, is executed pursuant to, and is to be administered and

interpreted in all respects in accordance with, the terms of applicable regulations (including 11 KAR 8:030 and 8:040 or any successor regulations)

now or hereafter in effect. The foregoing regulations are incorporated herein by reference. The terms and conditions of this promissory note shall be

deemed automatically amended to conform to any addition, omission, or other change permitted or required by duly enacted law or administrative

regulation. The terms and conditions of this promissory note may otherwise be amended by mutual written consent of the parties.

7. The place of making and/or performance of the obligations hereunder shall be deemed to be Frankfort, Kentucky. For the purpose of resolving

any conflict between the laws of several states, the laws of the Commonwealth of Kentucky shall govern. Venue of any legal action necessary to

recover amounts due under this note shall be Franklin County, Kentucky.

8. I authorize my school to deliver to me or apply to my student account Teacher Scholarship proceeds received by electronic funds transfer (EFT)

or master check.

9. This note may be consolidated with prior and subsequent notes under this program into one aggregate indebtedness for purposes of billing and

collection, and any forgiveness of said aggregate indebtedness may be apportioned among said notes in accordance with applicable regulations now

or hereafter adopted.

10. Default: Upon failure to repay any portion of this note when due, including failure to repay any installment under a repayment schedule, the

entire outstanding balance of principal and accrued interest shall be immediately due and payable. In the event of said default, if judgment is rendered

on the debt, then the annual interest rate shall be a rate determined in accordance with applicable regulations from the date of said judgment until the

principal is repaid in full.

AMOUNT

ANNUAL

Prepayment: If you prepay your loan, you will not have to pay a penalty. Since interest accrues

FINANCED

PERCENTAGE

daily on the outstanding loan balance, you will not be entitled to a refund of any interest.

The amount of loan

RATE

provided to you

The cost of your loan

Additional information about nonpayment, default, any required repayment in full before the

on your behalf.

scheduled date, and prepayment refunds and penalties is provided on the Promissory Note above.

as a yearly rate.

$0.00

12%

Social Security Number:

College: School

Name: First Middle Last

Term: Spring/03

Date of Birth:

Home Address: Penmanent Address

Signature of maker __________________________________________

Signed this, the

day of January , 2003

Witnessed by ______________________________________________________________________________

Scholarship Coordinator

Notary Statement

Sworn to and subscribed before me by____________________________________________________________

this the ___________________________________day of ____________________________________, 20_____

Notary Public

State at Large

My Commission expires___________________________

KDE does not discriminate on the basis of race, color, national origin, sex, religion, age, or disability in employment or services and provides, upon request, reasonable

accommodations to afford individuals with disabilities an equal opportunity to participate in all programs and activities.

Promissory Note

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