$______(1)___ ____(2)_____, _____(3)_____
_______(4)________, 19_(5)_
FOR VALUE RECEIVED, the undersigned, promise to
pay to the order of ___________(6)______________, (hereinafter referred
to as "Payee"; Payee together with any subsequent holder
hereof or any interest herein being hereinafter referred to as
"Holder") at___________(7)______________, or at such other
place as the Holder may from time to time designate in writing, without
grace, except as may be otherwise expressly provided for herein, the
principal sum _________(8)____________ ($______), 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