PROMISSORY NOTE
(LONG FORM)
DEBTOR: |
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CREDITOR: |
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DATE OF NOTE: |
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AMOUNT OF NOTE: |
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INTEREST RATE: |
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PURPOSE OF NOTE: |
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MATURITY DATE: |
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1. PROMISE: On this
day of
, , the
undersigned first party (debtor) jointly and severally agree as principals to pay the
second party (creditor), its successors, agents and/or assigns the amount of
$
(principal amount) plus interest in the amount of
% (rate of interest).
2.
PAYMENT: The payment of the above-noted amount plus interest at the
above-identified
rate shall be paid either: (a) in a single payment in the amount of
$
(total amount of principal plus total amount of interest) on the
maturity date of the
day of
, ; or
(b) in
(number of installments) installments of $
on the
day of each month after the date of this note until fully paid. In no event shall
final payment of principal and interest extend beyond the maturity date of this note, the
day of
, . Interest shall first be deducted
from the payment made, with the balance of the payment applied to the principal.
3.
INTEREST: The interest of the principal amount due on this note is
% per annum. If the interest and principal is not paid when due, the unpaid balance shall
draw a higher rate of interest of
% per annum.
4.
SECURITY: Any security offered in conjunction with this note is identified as:
(description of property offered as security). An appropriate UCC form may
be filed with the proper authority, including the Secretary of State or County Recorder,
in conjunction with any security interest held in conjunction with this paragraph.
5.
CONSUMER CREDIT: This agreement is not considered by the parties to be a
consumer credit transaction. This transaction is subject to
the Uniform Commercial Code of
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