Annual Interest Rate: Ten Percent (10%)
Maturity Date: Upon Demand
Annual Interest Rate on matured, Unpaid Amounts: Maximum rate allowable by law
Terms of payment: As shown on Schedule A attached hereto and incorporated by reference
Other security for payment: Borrower promises to pay to the order of Lender the Principal Amount plus interest at the Annual Interest Rate. This note is payable to the place for Payment and according to the Terms of Payment. All unpaid amounts are due by the Maturity Date. After maturity, Borrower promises to pay any unpaid principle balance plus interest at the Annual Interest Rate on Matured, Unpaid Amounts.
If Borrower defaults in the payment of this note or in the performance of any obligation in any instrument securing or collateral to this note, Lender may declare the unpaid principle balance and earned interest on the note immediately due. Borrower and each surety, endorser, and guarantor waive all demand for payment, presentation for payment, notice of intention to accelerate maturity, notice of acceleration of maturity, protest, and notice of protest, to the extent permitted by law.
Borrower also agrees to pay reasonable attorney’s fees and court and other costs if this note is placed in the hands of an attorney to collect or enforce the note. These expenses will bear interest from the date of advance at the Annual Interest Rate of Matured, Unpaid Amounts. Borrower will pay lender these expenses and interest on demand at the place for payment. These expenses and interest will become part of the note and will be secured by any security for payment.
Prepayment: Borrower may prepay this note in any amount at any time before the maturity Date without penalty or premium.
Application of Prepayment: Prepayments will be applied to installments on the last maturing principle, and interest on that prepaid principle will immediately cease to accrue.
Interest on debt evidenced by this not exceed the maximum rate or amount of nonusurious interest that may be contracted for, taken, reserved, charged, or received under law. Any interest in excess of that maximum amount will be credited on the Principle Amount or, if the Principle Amount has been paid, refunded. On any acceleration or required or permitted prepayment, any excess interest will be canceled automatically as of the acceleration or prepayment or, if the excess interest has already been paid, credited on the Principle Amount or, if the Principle Amount has been paid, refunded. This provision overrides any conflicting provisions in this note and all the other instruments concerning the debt.
Each borrower is responsible for all obligations represented by this note
When the context requires, singular nouns and pronouns include the plural.
If any installment becomes overdue for more than fifteen days, at the Lender’s option a late payment charge of $25.00 may be charged in order to defray the expense of handling the delinquent payment.
Notwithstanding any other provisions of this note, in the event of a default, before exercising any of Lender’s remedies under this note, Lender will first give borrower written notice of default and Borrower’s will have ten days after notice is given in which to cure the default. If the default is not cured ten days after notice, Borrower and each surety, endorser, and guarantor waive all demand for payment, presentation for payment, notice of intention to accelerate maturity, notice of acceleration of maturity, protest, and notice of protest, to the extent permitted by law.
If any of the provisions of this note conflicts with any provisions of a loan agreement, deed of trust, or security agreement of the same transaction between Lender and Borrower, the provisions of the note will govern to the extent of the conflict.
The provisions of the indemnity agreement on the reverse side of this document involve important legal rights. You should read this document
carefully. Your signature acknowledges that you have read, understand and agree to be bound by the terms set forth on both the front and Comaker/Indemnitor back of this document.