Promissory Note

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Promissory Note
On this date of ____________, in return for valuable consideration received, the
undersigned borrower[s] jointly and severally promise to pay to
______________[LENDER'S NAME], the "Lender", the sum of $_________Dollars,
together with interest thereon at the rate of ______ percent (____%) per annum.
Terms of Repayment: All payments shall be first applied to interest and the balance to
principal.
Payable On Demand: The entire unpaid principal and accrued interest thereon, if any,
shall become immediately due and payable on demand by the holder of this Note.
Late Fees: In the event that a payment due under this Note is not made within ten (10)
days of the time set forth herein, the Borrower shall pay an additional late fee in the
amount of $________.
Late Fees: In the event that a payment due under this Note is not made within ten (10)
days of the time set forth herein, the Borrower shall pay an additional late fee in the
amount of _______% percent of said payment.
Place of Payment - all payments due under this note shall be made at
______________[DESIGNATED LOCATION], or at such other place as the holder of this
Note may designate in writing.
Prepayment - This Note may be prepaid in whole or in part at any time without premium
or penalty. All prepayments shall first be applied to interest, and then to principal
payments in the order of their maturity.
Default - In the event of default, the borrower[s] agree to pay all costs and expenses
incurred by the Lender, including all reasonable attorney fees (including both hourly and
contingent attorney fees as permitted by law) for the collection of this Note upon default,
and including reasonable collection charges (including, where consistent with industry
practices, a collection charge set as a percentage of the outstanding balance of this Note)
should collection be referred to a collection agency.
Acceleration of Debt - In the event that the borrower[s] fail to make any payment due
under the terms of this Note, or breach any condition relating to any security, security
agreement, note, mortgage or lien granted as collateral security for this Note, seeks relief
under the Bankruptcy Code, or suffers an involuntary petition in bankruptcy or
receivership not vacated within thirty (30) days, the entire balance of this Note and any
interest accrued thereon shall be immediately due and payable to the holder of this Note.
Joint and Several Liability - All borrowers identified in this Note shall be jointly and
severally liable for any debts secured by this Note.

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