Fillable Loan Agreement Template (Page 2 of 3) in pdf

LOAN CHARGES

If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the

interest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits,

then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit;

and (b) any sums already collected from me that exceeded permitted limits will be refunded to me. The Note Holder

may choose to make this refund by reducing the Principal I owe under this Note or by making a direct payment to

me. If a refund reduces Principal, the reduction will be treated as a partial Prepayment.

BORROWER’S FAILURE TO PAY AS REQUIRED

(A)

Late Charges for Overdue Payments

If the Note Holder has not received the full amount of any monthly payment by the end of ___________

calendar days after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be

___________% of my overdue payment of principal and interest. I will pay this late charge promptly but only once

on each late payment.

(B)

Default

If I do not pay the full amount of each monthly payment on the date it is due, I will be in default.

(C)

Notice of Default

If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue

amount by a certain date, the Note Holder may require me to pay immediately the full amount of Principal which

has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after the date on

which the notice is mailed to me or delivered by other means.

(D)

No Waiver By Note Holder

Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as

described above, the Note Holder will still have the right to do so if I am in default at a later time.

(E)

Payment of Note Holder’s Costs and Expenses

If the Note Holder has required me to pay immediately in full as described above, the Note Holder will

have the right to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not

prohibited by applicable law. Those expenses include, for example, reasonable attorneys’ fees.

GIVING OF NOTICES

Unless applicable law requires a different method, any notice that must be given to me under this Note will

be given by delivering it or by mailing it by first class mail to me at the Property Address above or at a different

address if I give the Note Holder a notice of my different address.

Any notice that must be given to the Note Holder under this Note will be given by mailing it by first class

mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice of

that different address.

OBLIGATIONS OF PERSONS UNDER THIS NOTE

If more than one person signs this Note, each person is fully and personally obligated to keep all of the

promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor,

surety or endorser of this Note is also obligated to do these things. Any person who takes over these obligations,

including the obligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises

made in this Note. The Note Holder may enforce its rights under this Note against each person individually or

against all of us together. This means that any one of us may be required to pay all of the amounts owed under this

Note.

WAIVERS

I and any other person who has obligations under this Note waive the rights of Presentment and Notice of

Dishonor. “Presentment” means the right to require the Note Holder to demand payment of amounts due. “Notice

of Dishonor” means the right to require the Note Holder to give notice to other persons that amounts due have not

been paid.

10.

UNIFORM SECURED NOTE

This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the

protections given to the Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the “Security

Instrument”), dated the same date as this Note, protects the Note Holder from possible losses that might result if I do

not keep the promises that I make in this Note. That Security Instrument describes how and under what conditions I

may be required to make immediate payment in full of all amounts I owe under this Note. Some of those conditions

read as follows:

Form 3260 1/01 (page 2 of 3)

Loan Agreement Template Page 2

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