For value received, the undersigned (the "Borrower"), at , , , promises to pay to the order of (the "Lender"), at , , (or at such other place as the Lender may designate in writing), the sum of $with interest from , on the unpaid principal at the rate of % per annum.
TERMS OF REPAYMENT
Unpaid principal after the Due Date shown below shall accrue interest at a rate of % annually until paid.
The unpaid principal and accrued interest shall be payable in monthly installments of $, beginning on , and continuing until , (the "Due Date"), at which time the remaining unpaid principal and interest shall be due in full.
Application of Payments
All payments on this Note shall be applied first in payment of accrued interest and any remainder in payment of principal.
The Borrower promises to pay a late charge of $for each installment that remains unpaid more than day(s) after its Due Date. This late charge shall be paid as liquidated damages in lieu of actual damages, and not as a penalty. Payment of such late charge shall, under no circumstances, be construed to cure any default arising from or relating to such late payment.
Acceleration of Debt
If any payment obligation under this Note is not paid when due, the remaining unpaid principal balance and any accrued interest shall become due immediately at the option of the Lender.
The Borrower reserves the right to prepay this Note (in whole or in part) prior to the Due Date with no prepayment penalty. Any such prepayment shall be applied against the installments of principal due under this note in the inverse order of their maturity and shall be accompanied by payment of accrued interest on the amount prepaid to the date of prepayment.
If any payment obligation under this Note is not paid when due, the Borrower promises to pay all costs of collection, including reasonable attorney fees, whether or not a lawsuit is commenced as part of the collection process.
If any of the following events of default occur, this Note and any other obligations of the Borrower to the Lender, shall become due immediately, without demand or notice:
the failure of the Borrower to pay the principal and any accrued interest when due;
the liquidation, dissolution, incompetency or death of the Borrower;
the filing of bankruptcy proceedings involving the Borrower as a debtor;
the application for the appointment of a receiver for the Borrower;
the making of a general assignment for the benefit of the Borrower's creditors;
the insolvency of the Borrower;
a misrepresentation by the Borrower to the Lender for the purpose of obtaining or extending credit; or
the sale of a material portion of the business or assets of the Borrower.
SEVERABILITY OF PROVISIONS
If any one or more of the provisions of this Note are determined to be unenforceable, in whole or in part, for any reason, the remaining provisions shall remain fully operative.
All payments of principal and interest on this Note shall be paid in the legal currency of the United States. The Borrower waives presentment for payment, protest, and notice of protest and demand of this Note.
No delay in enforcing any right of the Lender under this Note, or assignment by Lender of this Note, or failure to accelerate the debt evidenced hereby by reason of default in the payment of a monthly installment or the acceptance of a past-due installment shall be construed as a waiver of the right of Lender to thereafter insist upon strict compliance with the terms of this Note without notice being given to Borrower. All rights of the Lender under this Note are cumulative and may be exercised concurrently or consecutively at the Lender's option.
This note may not be amended without the written approval of the holder.
This Note shall be construed in accordance with the laws of the State of .
unconditionally guarantees all the obligations of the Borrower under this Note and agrees that any modifications of the terms of payment or extension of time of payment shall in no way impair its guarantee, and expressly agrees its guarantee of any modifications or extensions of this Note.
This Note shall be signed by and , on behalf of
. This Note shall also be co-signed by .
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IN WITNESS WHEREOF, this Agreement has been executed and delivered in the manner prescribed by law as of the date first written above.
Signed this day of , , at ,
Annual Percentage Rate = 0.0000% Principal = $0.00