Principal amount $_____________________
Date:_____________________
FOR VALUE RECEIVED, the undersigned hereby jointly and severally
promise to pay to the order of _____________________ the sum of
________________ Dollars ($ ), together with interest thereon at
the rate of _____% per annum on the unpaid balance.
Said sum shall be paid in the following manner: All payments
shall be first applied to interest and the balance to principal.
This note may be prepaid, at any time, in whole or in part, without
penalty. This note shall be at the option of any holder thereof
be immediately due and payable upon the occurance of any of the
following: 1) Failure to make any payment due hereunder within
days of its due date. 2) Breach of any condition of any security
interest, mortgage, loan agreement, pledge agreement or guarantee
granted as collateral security for this note. 3) Breach of any
condition of any loan agreement, security agreement or mortgage,
if any, having a priority over any loan agreement, security agreement
or mortgage on collateral granted, in whole or in part, as collateral
security for this note. 4) Upon the death, incapacity, dissolution
or liquidation of any of the undersigned, or any endorser, guarantor
to surety hereto. 5) Upon the filing by any of the indersigned
of an assignment for the benefit of creditors, bankruptcy or
other form of insolvancy, or by suffering an involuntary petition
in bankruptcy or receivership not vacated within thirty (30)
days. In the event this note shall not be in default and placed
for collection, then the undersigned agree to pay all reasonable
attorney fees and costs of collection.
Payments not made within five (5) days of due date shall be subject
to a late charge of _____% of said payment.
All payments hereunder shall be made to such address as may from
time to time be designated by any holder.
The undersigned and all other parties to this note, whether as
endorsers, guarantors or sureties, agree to remain fully bound
until this note shall be fully paid and waive demand, presentment
and protest and all notices hereto and further agree to remain
bound notwithstanding any extension, modification, waiver, or
other indulgence or discharge or release of any obliiigor hereunder
or exchange, substitution, or release of any collateral granted
as security for this note.
No modification or indulgence by any holder hereof shall be binding
unless in writing; and any indulgence on any one occasion shall
not be an indulgence for any other or future occasion. Any modification
or change in terms, hereunder granted by any holder hereof, shall
be valid and binding upon each of the undersigned, notwithstanding
the acknowledgement of any of the undersigned, and each of the
undersigned does hereby irrevocably grant to each of the others
a power of attorney to enter into any such modification on their
behalf.
The rights of any holder hereof shall be cumulative and not necessarily
successive.
This note shall take effect as a sealed instrument and shall
be construed, governed and enforced in accordance with the laws
of the State of________________.
Borrower ______________________________Date: _______________
