FORVALUE RECEIVED, the undersigned, (the "Maker"), hereby promises topay to the order of ____________________ (LENDERNAME) ("Payee"), the principal sum of $ ____________ pursuant to theterms and conditions set forth herein.
PAYMENTOF PRINCIPAL. The principal amountof this Promissory Note (the "Note") and any accrued but unpaid interestshall be due and payable in ____________ (NUMBER OF PAYMENTS) (CIRCLE ONE:equal monthly installments / equal quarterly installments / payments asdescribed below) beginning ___________________ (DATE OF FIRST PAYMENT). All payments under this Note shall be appliedfirst to accrued but unpaid interest, and next to outstanding principal. If not sooner paid, the entire remainingindebtedness (including accrued interest) shall be due and payable on_________________ (DATE OF FINAL PAYMENT).
INTEREST. This Note shall bear interest, compoundedannually, at _________ (ANNUAL INTEREST RATE) percent.
PREPAYMENT. The Maker shall have the right at any timeand from time to time to prepay this Note in whole or in part without premiumor penalty.
REMEDIES. No delay or omission on part of the holder ofthis Note in exercising any right hereunder shall operate as a waiver of anysuch right or of any other right of such holder, nor shall any delay, omissionor waiver on any one occasion be deemed a bar to or waiver of the same or anyother right on any future occasion. Therights and remedies of the Payee shall be cumulative and may be pursued singly,successively, or together, in the sole discretion of the Payee.
EVENTSOF ACCELERATION. The occurrence ofany of the following shall constitute an "Event of Acceleration" byMaker under this Note:
(a) Maker's failure to pay any part of theprincipal or interest as and when due under this Note; or
(b) Maker's becoming insolvent or not payingits debts as they become due.
ACCELERATION. Upon the occurrence of an Event ofAcceleration under this Note, and in addition to any other rights and remediesthat Payee may have, Payee shall have the right, at its sole and exclusiveoption, to declare this Note immediately due and payable.
SUBORDINATION. The Maker's obligations under this PromissoryNote are subordinated to all indebtedness, if any, of Maker, to any unrelatedthird party lender to the extent such indebtedness is outstanding on the dateof this Note and such subordination is required under the loan documentsproviding for such indebtedness.
WAIVERSBY MAKER. All parties to this Noteincluding Maker and any sureties, endorsers, and guarantors hereby waiveprotest, presentment, notice of dishonor, and notice of acceleration ofmaturity and agree to continue to remain bound for the payment of principal,interest and all other sums due under this Note notwithstanding any change orchanges by way of release, surrender, exchange, modification or substitution ofany security for this Note or by way of any extension or extensions of time forthe payment of principal and interest; and all such parties waive all and everykind of notice of such change or changes and agree that the same may be madewithout notice or consent of any of them.
EXPENSES. In the event any payment under this Note isnot paid when due, the Maker agrees to pay, in addition to the principal andinterest hereunder, reasonable attorneys' fees not exceeding a sum equal to 15%of the then outstanding balance owing on the Note, plus all other reasonableexpenses incurred by Payee in exercising any of its rights and remedies upondefault.
GOVERNINGLAW. This Note shall be governed by,and construed in accordance with, the laws of the State of ___________________(STATE NAME).
SUCCESSORS. All of the foregoing is the promise of Makerand shall bind Maker and Maker's successors, heirs and assigns; provided,however, that Maker may not assign any of its rights or delegate any of itsobligations hereunder without the prior written consent of the holder of thisNote.
INWITNESS WHEREOF, Maker has executed this Promissory Note as of the day andyear first above written.
Maker:____________________________ (BORROWER SIGNATURE)
_____________________________ (BORROWER NAME)