Promissory Note (Page 2 of 2) in pdf

1. Agreement to Pay. For the following value

For the following value received, _________________________ (further know

further known as

“Borrower”) will pay _______________

_________________________ (further known as “Lender”) $__________

__________ along with

interest at the yearly rate of _____

_____% on the unpaid balance described below.

2. Payment Schedule Options (Circle the letter that applies

(Circle the letter that applies).

a. Borrower shall pay $_____

_____ on the _____ day of the month for _____ number of months.

number of months.

b. Borrower shall pay one lump payment on the following date:

pay one lump payment on the following date: ____/____/______.

Borrower shall pay $_____

_____ on the _____ day of the month for _____ number of months with a final

number of months with a final

balloon payment of $_____

_____ at the end of the loan term on ____/____/______.

3. Application of Payments. All payments will first pay off any interest owed followed by principle.

All payments will first pay off any interest owed followed by principle.

4. Prepayment. If Borrower makes a prepayment of all or any of the principal there shall be no penalty.

If Borrower makes a prepayment of all or any of the principal there shall be no penalty.

5. Past Due. If Borrower is past due more than

If Borrower is past due more than _____ days late in making any payment, The Lender may

days late in making any payment, The Lender may

declare that the entire unpaid balance of unpaid princi

declare that the entire unpaid balance of unpaid principle is due immediately, in addition to the accrued

due immediately, in addition to the accrued

interest.

6. Security Deposit (Circle the letter that applies)

(Circle the letter that applies).

This is an unsecured note.

b. Until the principal and interest owed under thi

and interest owed under this promissory note are paid in full the borrower agrees

s promissory note are paid in full the borrower agrees

that this note shall be secured by a security agreement in the assets of the business known as

____________________.

Until the principal and interes

Until the principal and interest owed under this promissory are paid in full, this note shall be secured

aid in full, this note shall be secured

with the following:

___ Mortgage of property

property at ______________________________________________________

______________________________________________________.

___ Deed of trust covering the

of trust covering the real estate at _________________________________________

_____________________.

7. Collection Costs. If the Lender wins by lawsuit to issue collection on this no

Lender wins by lawsuit to issue collection on this note, the Borrower will

the Borrower will pay all

the Lender’s costs including any attorney fees incurred in an amount the presiding court

s costs including any attorney fees incurred in an amount the presiding court

s costs including any attorney fees incurred in an amount the presiding court finds reasonable

and customary.

In agreement to the above mentioned terms the

In agreement to the above mentioned terms the Lender and Borrower sign below:

sign below:

Applicable Law

This contract shall be governed by the laws of the State of __________ in __________

County and any applicable Federal Law.

__________________________________________________________

________________________________________

Date

Date____________

Date

Signature of the Lender

_____________________________________________________________________Date_________

_____________________________________________________________________Date____________

Signature of the Borrower

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