Promissory Note

$______(1)_____              ____(2)_____, _____(3)_____

                             _______(4)________, 20_(5)_

FOR VALUE RECEIVED, the undersigned, promise to pay to the
order of ___________(6)______________, (hereinafter referred
to as "Payee"; Payee together with any subsequent holder
hereof or any interest herein being hereinafter referred to as
"Holder") at ___________(7)______________, or at such other
place as the Holder may from time to time designate in
writing, without grace, except as may be otherwise expressly
provided for herein, the principal sum
_________(8)____________ ($______), together with interest
from the date hereof at a rate of (9)% per annum on the unpaid
principal balance from time to time outstanding in accordance
with the following provisions:

(a) Commencing ______(10)______ 20_(11)_, and on the _(12)_
day of each and every month thereafter until _____(13)______,
20_(14)_, the undersigned shall pay to Holder equal
installments of ______(15)_____ ($_______), including
principal and accrued interest on the unpaid principal
balance. The entire outstanding principal balance shall be due
and payable in full on or before _______(16)_______, 20_(17)_.

This Note and the instruments securing it are to be governed,
interpreted and construed by, through and under the laws of
the State of ______(18)______.

This Note may be prepaid in
whole or in part at any time without penalty or premium. If
this Note provides for installment payments of principal,
prepayment of principal payments shall be applied in the
inverse order such installment payments are due, applying
first to the last principal installment due hereunder.

This Note is secured by a Mortgage of even date herewith
executed by the undersigned in favor of the Payee herein,
which is a lien on certain collateral security as described

In the event that any payment of principal and/or interest is
not made within thirty (30) days that same is due, which event
shall constitute an "Event of Default" hereunder, or in the
event of any default under the terms of the Mortgage securing
this Note, the undersigned shall pay, during the period of
such default, interest on the unpaid balance of the
indebtedness evidenced by this Note at the highest rate
allowed by law.

The Holder shall have the optional right to declare the
amount of the total unpaid balance hereto to be due and
forthwith payable in advance of the maturity date of any sum
due or installment, as fixed herein, upon the failure of the
undersigned to pay, when due and after thirty (30) days+ that
same is due, any of the installments of interest and/or
principal, or upon the occurrence of any event of default or
failure to perform in accordance with any of the terms and
conditions in the Mortgage securing this Note or in any other
security document executed and/or delivered in conjunction
herewith. Upon exercise of this option by the Holder, the
entire unpaid principal shall bear interest at the highest
rate allowed by law. Forbearance to exercise this option with
respect to any failure or breach of the undersigned shall not
constitute a waiver of the rights to any continuing failure or
breach or any subsequent failure or breach.

In no event shall the amount of interest due or payments in
the nature of interest payable hereunder exceed the maximum
rate of interest allowed by applicable law, as amended from
time to time, and in the event any such payment is paid by the
undersigned or received by the Holder, then such excess sum
shall be credited as a payment of principal, unless the
undersigned shall notify the Holder, in writing, that the
undersigned elects to have such excess sum returned to it

Time is of the essence hereunder and, in case this Note is
collected by law or through an attorney-at-law, or under
advice therefrom, the undersigned agrees to pay all costs of
collection including reasonable attorneys' fees. Reasonable
attorneys' fees are defined to include, but not be limited to,
all fees incurred in all matters of collection and
enforcement, construction and interpretation, before, during
and after suit, trial, proceedings and appeals. Attorneys'
fees shall also include hourly charges for paralegals, law
clerks and other staff members operating under the supervision
of an attorney.

The remedies of the Holder, as provided herein or in the
Mortgage, shall be cumulative and concurrent, and may be
pursued singularly, successively or together, at the sole
discretion of the Holder, and may be exercised as often as
occasion therefor shall raise. No act of omission or
commission of the Holder, including specifically any failure
to exercise any right, remedy or recourse, shall be deemed to
be a waiver or release of the same, such waiver or release to
be affected only through a written document executed by the
Holder and then only to the extent specifically recited
therein. A waiver or release with reference to any one event
shall not be construed as continuing, as a bar to, or as a
waiver or release of any subsequent right, remedy or recourse
as to a subsequent event.

Any notice to be given or to be served upon any party hereto,
in connection with this Note, must be in writing, and may be
given by certified or registered mail and shall be deemed to
have been given and received on the third (3rd) business day
after a certified or registered letter containing such notice,
properly address, with postage prepaid, is deposited in the
United States mail; and if given otherwise then by certified
or registered mail, it shall be deemed to have been given when
delivered to and received by the party to whom it is
addressed. Such notices shall be given to the parties hereto
as set forth in the Mortgage.

All persons or corporations or other entities now or at any
time liable, whether primarily or secondarily, for the payment
of the indebtedness hereby evidenced, for themselves, their
heirs, legal representatives, successors and assigns
respectively, hereby (a) expressly waive presentment, demand
for payment, notice of dishonor, protest, notice of
non-payment or protest, and diligence in collection except as
may be otherwise expressly provided; (b) consent that the time
of all payments or any part thereof may be extended,
rearranged, renewed or postponed by the Holder hereof and
further consent that the collateral security or any part
thereof may be released, exchanged, added to or substituted
for by Holder hereof, without in anywise modifying, altering,
releasing, affecting or limiting their respective liability or
the lien of any security instrument; (c) agree that the
Holder, in order to enforce payment of this Note, shall not be
required first to institute any suit or to exhaust any of its
remedies against the undersigned or any other person or party
to become liable hereunder.

If more than one party shall execute this Note, the term
"undersigned" as used herein, shall mean all parties signing
this Note and each of them, who shall be jointly and severally
obligated hereunder.

In this Note, whenever the context so requires, the neuter
gender includes the feminine and/or masculine, as the case may
be, and the singular number includes the plural.

All references herein to interest at the "maximum rate" shall
mean "maximum legal contract rate".

IN WITNESS WHEREOF, the undersigned has caused this Note to
be executed in its name on the day and year first above

Maker's Address:



The information in this document is designed to provide an outline that you can follow when formulating business or personal plans. Due to the variances of many local, city, county and state laws, we recommend that you seek professional legal counseling before entering into any contract or agreement.

Related Articles

Assignment of Real Estate Purchase and Sale Agreement

Sample legal document: "Assignment of Real Estate Purchase and Sale Agreement."

Assignment of Contract for Purchase of Real Estate

Sample legal document: "Assignment of Contract for Purchase of Real Estate."

Agreement for Permission to Sublet

Sample legal document: "Agreement for Permission to Sublet."

Lease Agreement

Sample legal document: "Lease Agreement."

Assignment of Stock Certificate

Sample legal document: "Assignment of Stock Certificate."

Agreement Between Owner and Contractor

Sample legal document: "Agreement Between Owner and Contractor."

Assignment of Mortgage

Sample legal document: "Assignment of Mortgage."

Assignment of Rents by Lessor with Repurchase Agreement

Sample legal document: "Assignment of Rents by Lessor with Repurchase Agreement."

Construction Contract

Sample legal document: "Construction Contract."

Contract Employing Real Estate Broker for Sale of Property

Sample legal document: "Contract Employing Real Estate Broker for Sale of Property."