PROMISSORY
NOTE - BALLOON
Date: ______________________
FOR
VALUE AND CONSIDERATIONS RECEIVED, I (We), the undersigned , individually
guarantee to pay to the total sum
of which includes an interest payment
of and the principal payment of per
month. Such interest payment has been calculated at the rate of percent per year.
The
following terms and conditions shall be valid throughout the life of the Note:
A.
_____________________________________________________________.
B.
_____________________________________________________________.
C.
_____________________________________________________________.
Such
payment shall continue for a period of
months until and the final
payment (Balloon payment) of shall be
due and payable on . This Note may be
prepaid in whole or in part at any time with premium or penalty of percent of the outstanding balance of the
loan. All prepayments shall be applied
first to interest, then to principal payments in the order of their maturity.
The
Borrower(s) agrees to pay all costs and expenses, including but not limited to
all reasonable attorney fees, for the collection of this Note in an event of
default. All payments shall be made on
the day of each month at , or at such
other place as the holder hereof may from time to time designate in writing.
Each
maker, surety, guarantor and endorser of this Note waives presentment, notice
and protest, all suretyship defenses and agrees to all extensions, renewals, or
releases, discharge or exchange of any other party or collateral without
notice.
_______________________________ _____________________________
Borrower
Borrower
_______________________________ _____________________________
Witness
Seal
(FOR
GUARANTEE PURPOSES)
I,
, shall act as the sole guarantor of the Borrower(s). In the event of default, I shall personally be held liable for
the full payment of the Note.
Dated: __________________________
Guarantor: _______________________
