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Promissory Note - Long Form
PROMISSORY NOTE (Long Form)
FOR VALUE RECEIVED, the undersigned hereby jointly and
severally promise to pay to the order of____________________,
the sum of______________ ($ ) Dollars,together with
interest thereon at the rate of ___ % per annum on the unpaid
balance. Said sum shall be paid in the manner following:
(Describe terms)
All payments shall be first applied to interest
and the balance to principal.
This Note may be prepaid, at any time, in whole or in
part, without penalty.
This Note shall at the option of the holder hereof be
immediately due and payable upon failure to make any payment due
hereunder or for breach of any condition of any security
interest, mortgage, pledge agreement or guaranty granted as
collateral security for this Note or breach of any condition of
any security agreement or mortgage, if any, having a priority
over any security agreement or mortgage on collateral granted, in
whole or in part, as collateral security for this Note or upon
the filing by any of the undersigned of an assignment for the
benefit of creditors, bankruptcy, or for relief under any
provisions of the Bankruptcy Code; or by suffering an involuntary
petition in bankruptcy or receivership not vacated within thirty
days.
In the event this Note shall be in default, and placed
with an attorney for collection, then the undersigned agree to
pay all reasonable attorney fees and costs of collection.
Payments not made within_____days of due date shall be subject to
a late charge of _____% of said payment. All payments hereunder
shall be made to such address as may from time to time be
designated by any holder hereof.
The undersigned and all other parties to this Note,
whether as endorsers, guarantors or sureties waive demand,
presentment and protest and all notices thereto and further agree
to remain bound, notwithstanding any extension, modification,
waiver, or other indulgence by any holder or upon the discharge
or release of any obligor hereunder or to this Note, or upon the
exchange, substitution, or release of any collateral granted as
security for this Note.
Signed and sealed under pains and penalties of perjury
this ___day of _________, 19__.
_______________________
?
_______________________
Form 106
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