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Small
Business Home >> Useful
Standard Legal Documents >>
Promissory Note Business Form Template
$______(1)___ ____(2)_____, _____(3)_____
_______(4)________, 19_(5)_
FOR VALUE RECEIVED, the undersigned, promise to pay to the
order of ___________(6)______________, (hereinafter referred
to as "Payee"; Payee together with any subsequent
holder hereof or any interest herein being hereinafter referred
to as "Holder") at___________(7)______________,
or at such other place as the Holder may from time to time
designate in writing, without grace, except as may be otherwise
expressly provided for herein, the principal sum _________(8)____________
($______), together with interest from the date hereof at
a rate of (9)% per annum on the unpaid principal balance from
time to time outstanding in accordance with the following
provisions:
(a) Commencing ______(10)______ 19_(11)_, and on the _(12)_
day of each and every month thereafter until _____(13)______,
19_(14)_, the undersigned shall pay to Holder equal installments
of ______(15)_____ ($_______), including principal and accrued
interest on the unpaid principal balance. The entire outstanding
principal balance shall be due and payable in full on or before
_______(16)_______, 19_(17)_.
This Note and the instruments securing it are to be governed,
interpreted and construed by, through and under the laws of
the State of ______(18)______. This Note may be prepaid in
whole or in part at any time without penalty or premium. If
this Note provides for installment payments of principal,
prepayment of principal payments shall be applied in the inverse
order such installment payments are due, applying first to
the last principal installment due hereunder.
This Note is secured by a Mortgage of even date herewith
executed by the undersigned in favor of the Payee herein,
which is a lien on certain collateral security as described
therein.
In the event that any payment of principal and/or interest
is not made within thirty (30) days that same is due, which
event shall constitute an "Event of Default" hereunder,
or in the event of any default under the terms of the Mortgage
securing this Note, the undersigned shall pay, during the
period of such default, interest on the unpaid balance of
the indebtedness evidenced by this Note at the highest rate
allowed by law.
The Holder shall have the optional right to declare the amount
of the total unpaid balance hereto to be due and forthwith
payable in advance of the maturity date of any sum due or
installment, as fixed herein, upon the failure of the undersigned
to pay, when due and after thirty (30) days+ that same is
due, any of the installments of interest and/or principal,
or upon the occurrence of any event of default or failure
to perform in accordance with any of the terms and conditions
in the Mortgage securing this Note or in any other security
document executed and/or delivered in conjunction herewith.
Upon exercise of this option by the Holder, the entire unpaid
principal shall bear interest at the highest rate allowed
by law. Forbearance to exercise this option with respect to
any failure or breach of the undersigned shall not constitute
a waiver of the rights to any continuing failure or breach
or any subsequent failure or breach.
In no event shall the amount of interest due or payments
in the nature of interest payable hereunder exceed the maximum
rate of interest allowed by applicable law, as amended from
time to time, and in the event any such payment is paid by
the undersigned or received by the Holder, then such excess
sum shall be credited as a payment of principal, unless the
undersigned shall notify the Holder, in writing, that the
undersigned elects to have such excess sum returned to it
forthwith.
Time is of the essence hereunder and, in case this Note is
collected by law or through an attorney-at-law, or under advice
therefrom, the undersigned agrees to pay all costs of collection
including reasonable attorneys' fees. Reasonable attorneys'
fees are defined to include, but not be limited to, all fees
incurred in all matters of collection and enforcement, construction
and interpretation, before, during and after suit, trial,
proceedings and appeals. Attorneys' fees shall also include
hourly charges for paralegals, law clerks and other staff
members operating under the supervision of an attorney.
The remedies of the Holder, as provided herein or in the
Mortgage, shall be cumulative and concurrent, and may be pursued
singularly, successively or together, at the sole discretion
of the Holder, and may be exercised as often as occasion therefor
shall raise. No act of omission or commission of the Holder,
including specifically any failure to exercise any right,
remedy or recourse, shall be deemed to be a waiver or release
of the same, such waiver or release to be affected only through
a written document executed by the Holder and then only to
the extent specifically recited therein. A waiver or release
with reference to any one event shall not be construed as
continuing, as a bar to, or as a waiver or release of any
subsequent right, remedy or recourse as to a subsequent event.
Any notice to be given or to be served upon any party hereto,
in connection with this Note, must be in writing, and may
be given by certified or registered mail and shall be deemed
to have been given and received on the third (3rd) business
day after a certified or registered letter containing such
notice, properly address, with postage prepaid, is deposited
in the United States mail; and if given otherwise then by
certified or registered mail, it shall be deemed to have been
given when delivered to and received by the party to whom
it is addressed. Such notices shall be given to the parties
hereto as set forth in the Mortgage.
All persons or corporations or other entities now or at any
time liable, whether primarily or secondarily, for the payment
of the indebtedness hereby evidenced, for themselves, their
heirs, legal representatives, successors and assigns respectively,
hereby (a) expressly waive presentment, demand for payment,
notice of dishonor, protest, notice of non-payment or protest,
and diligence in collection except as may be otherwise expressly
provided; (b) consent that the time of all payments or any
part thereof may be extended, rearranged, renewed or postponed
by the Holder hereof and further consent that the collateral
security or any part thereof may be released, exchanged, added
to or substituted for by Holder hereof, without in anywise
modifying, altering, releasing, affecting or limiting their
respective liability or the lien of any security instrument;
(c) agree that the Holder, in order to enforce payment of
this Note, shall not be required first to institute any suit
or to exhaust any of its remedies against the undersigned
or any other person or party to become liable hereunder.
If more than one party shall execute this Note, the term
"undersigned" as used herein, shall mean all parties
signing this Note and each of them, who shall be jointly and
severally obligated hereunder.
In this Note, whenever the context so requires, the neuter
gender includes the feminine and/or masculine, as the case
may be, and the singular number includes the plural.
All references herein to interest at the "maximum rate"
shall mean "maximum legal contract rate".
IN WITNESS WHEREOF, the undersigned has caused this Note
to be executed in its name on the day and year first above
written.
_________(19)__________________ Maker'+ Address:
_________(20)__________________
NOTICE
The information in this document is designed to provide an
outline that you can follow when formulating business or personal
plans. Due to the variances of many local, city, county and
state laws, we recommend that you seek professional legal
counseling before entering into any contract or agreement.
If this document is of use
to you, please provide a link back to Hoover Web Design.
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