PROMISSORY
NOTE
(Type
1)
FOR
VALUE RECEIVED the undersigned, jointly and severally, promise to pay to
____________________________________________________, or order, the principal
sum of ________________ DOLLARS, with interest from ______________________,
at
the rate of ____________________________________ percent per annum on the
unpaid
balance until paid or until default, both principal and interest payable in
lawful money of the United States of America, at
___________________________________ or at such place as the legal holder hereof
may designate in writing. It is
understood and agreed that additional amounts may be advanced by the holder
hereof as provided in the instruments, if any, securing this Note and such
advances will be added to the principal of this Note and will accrue interest
at the above specified rate of interest from the date of advance until
paid. The principal and interest shall
be due and payable as follows:
______________________________________________________________________
______________________________________________________________________
If
not sooner paid, the entire remaining indebtedness shall be due and payable on
______________________________________________________________________
If
payable in installments, each such installment shall, unless otherwise
provided, be
applied
first to payment of interest then accrued and due on the unpaid principal
balance, with the remainder applied to the
unpaid principal.
Unless
otherwise provided, this Note may be prepaid in full or in part at any time
without
penalty or premium. Partial prepayments
shall be applied to installments due
in
reverse order of their maturity.
In
the event of (a) default in payment of any installment of principal or interest
hereof
as
the same becomes due and such default is not cured within ten (10) days from
the
due
date, or (b) default under the terms of any instrument securing this Note, and
such
default is not cured within fifteen (15) days after written notice to maker,
then in
either
such event the holder may, without further notice, declare the remainder of the
principal sum, together with all interest accrued thereon, and the prepayment
premium,
if
any, at once due and payable. Failure
to exercise this option shall not constitute a
waiver
of the right to exercise the same at any other time. The unpaid principal of this
Note
and any part thereof, accrued interest and all other sums due under this Note
the
Deed of Trust or security instrument, if any, shall bear interest at the rate
of ______________ percent per annum
after default until paid.
All
parties to this Note, including maker and any sureties, endorsers, or
guarantors,
hereby
waive protest, presentment, notice of dishonor, and notice of acceleration of
maturity
and agree to continue to remain bound for the payment of principal, interest,
and
all other sums due under this Note and the Deed of Trust or security
instrument, notwithstanding any change or changes by way of release, surrender,
exchange, modification or substitution of any security for this Note or by way
of any extension or extensions of time for the payment of principal and
interest; and all such parties waive
all
and every kind of notice of such change or changes and agree that the same may
be
made
without notice or consent of any of them.
Upon
default, the holder of this Note may employ an attorney to enforce the holder's
rights
and remedies and the maker, principal, surety, guarantor and endorsers of this
Note
hereby agree to pay to the holder reasonable attorneys fees not exceeding a sum
equal
to ________ percent of the outstanding balance owing on said Note, plus all
other reasonable expenses incurred by the holder in exercising any of the
holder's right and remedies upon default.
The rights and remedies of the holder as provided in this Note
and any instrument securing this Note shall
be cumulative and may be pursued singly, successively, or together against the
property described in the Deed of Trust or security instrument, or any other
funds, property or security held by the holder for payment or security, in the
sole discretion of the holder. The
failure to exercise any such right or remedy shall not be a waiver or release
of such rights or remedies or the right to
exercise
any of them at another time.
This
Note is to be governed and construed in accordance with the laws of the State
of _____________________________________
This
Note is given _____________ and is secured by a _________________________ which
is a ________________________________ lien upon the property therein
described.
IN
TESTIMONY WHEREOF, each individual maker has hereunto set his hand and
adopted
as his seal the word "SEAL" appearing beside his name the day and
year first
above
written.
__________________________________
(SEAL)
__________________________________
(SEAL)
IN
TESTIMONY WHEREOF, each corporate maker has caused this instrument to be
executed in its corporate name by its President, and its corporate seal to be
hereto affixed, all by order of its Board of Directors first duly given, the
day and year first above written.
___________________________________
(CORPORATE SEAL)
___________________________________
President
