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| $$ Amount | Date |
| City , State |
On or before Date , for value received, the undersigned Name Individual / Business (the "Borrower") promises to pay to the order of Name Individual / Business (the "Holder"), in the manner and at the place provided below, the principal sum of $Note Amount .
1. PAYMENT.
All payments of principal and interest under this note will be made in lawful money of the United States, without offset, deduction, or counterclaim, by wire transfer of immediately available funds to an account designated by the Holder in writing at least Days days after the effective date of this note or, if this designation is not made, by check mailed to the Holder at Street address , City , State , ZIP Code , or at such other place as the Holder may designate in writing.
2. INSTALLMENT PAYMENTS; FINAL PAYMENT.
Principal and interest will be payable in Number consecutive monthly installments of $$ Amount , beginning on or before Date and continuing on the Day of the month day of each month, together with a final payment on Maturity Date of an amount equal to all sums remaining unpaid under this note. Each payment will be credited first to interest and then to principal, and interest will cease to accrue on any principal so paid. Acceptance by the Holder of any payment differing from the designated installment payment listed above does not relieve the Borrower of the obligation to honor the requirements of this note.
3. INTEREST.
Interest on the unpaid principal balance of this note is payable from the date of this note until this note is paid in full, at the rate of Number % per year, or the maximum amount allowed by applicable law, whichever is less. Accrued interest will be computed on the basis of a 365-day or 366-day year, as the case may be, based on the actual number of days elapsed in the period in which it accrues.
4. PREPAYMENT.
The Borrower may prepay this note, in whole or in part, at any time before maturity without penalty or premium. Any partial prepayment will be credited first to accrued interest, then to principal. No prepayment extends or postpones the maturity date of this note.
Yes / No 5. SECURITY FOR PAYMENT. Yes / No
This note is secured by certain assets of the Borrower in accordance with a separate security agreement dated Issuance Date Date between the Holder and the Borrower (the "Security Agreement"). If an Event of Default (defined below) occurs, the Holder will have the rights set forth below and in the Security Agreement.
5. EVENTS OF DEFAULT.
Each of the following constitutes an "Event of Default" under this note:
6. ACCELERATION; REMEDIES ON DEFAULT.
If any Event of Default occurs, all principal and other amounts owed under this note will become immediately due and payable without any action by the Holder, the Borrower, or any other person. The Holder,in addition to any rights and remedies available to the Holder under this note, may, in its sole discretion, pursue any legal or equitable remedies available to itunder applicable law or in equity, including taking any of the following actions:
7. WAIVER OF PRESENTMENT; DEMAND.
The Borrower hereby waives presentment, demand, notice of dishonor, notice of default or delinquency, notice of protest and nonpayment, notice of costs, expenses or losses and interest on those, notice of interest on interest and late charges, and diligence in taking any action to collect any sums owing under this note, including (to the extent permitted by law) waiving the pleading of any statute of limitations as a defense to any demand against the undersigned. Acceptance by the Holder or any other holder of this note of any payment differing from the designated payments listed above does not relieve the undersigned of the obligation to honor the requirements of this note.
8. GOVERNING LAW.
9. COLLECTION COSTS AND ATTORNEYS' FEES.
The Borrower shall pay all costs and expenses of the collection of indebtedness evidenced by this note, including reasonable attorneys' fees and court costs in addition to other amounts due, without protest.
10. ASSIGNMENT AND DELEGATION.
11. SEVERABILITY.
If any one or more of the provisions contained in this note is, for any reason, held to be invalid, illegal, or unenforceable in any respect, that invalidity, illegality, or unenforceability will not affect any other provisions of this note, but this note will be construed as if those invalid, illegal, or unenforceable provisions had never been contained in it, unless the deletion of those provisions would result in such a material change so as to cause completion of the transactions contemplated by this note to be unreasonable.
12. NOTICES.
13. WAIVER.
No waiver of a breach, failure of any condition, or any right or remedy contained in or granted by the provisions of this note will be effective unless it is in writing and signed by the party waiving the breach, failure, right, or remedy. No waiver of any breach, failure, right, or remedy will be deemed a waiver of any other breach, failure, right, or remedy, whether or not similar, and no waiver will constitute a continuing waiver, unless the writing so specifies.
14. HEADINGS.
The descriptive headings of the sections and subsections of this note are for convenience only, and do not affect this note's construction or interpretation.
SIGNATURE PAGE FOLLOWS
Each party is signing this note on the date stated opposite that party's signature.
| Borrower Name | |
Date:______________________________ |
By:____________________________________________________________ |
| Name: Yes / No Borrower Name Name Name | |
| Title: Title |
| Holder Name | |
Date:______________________________ |
By:____________________________________________________________ |
| Name: Yes / No Holder Name Name Name | |
| Title: Title |