PROMISSORY
NOTE
INSTALLMENT
– WITH ACCERATION CLAUSE
Date:
City:
State:
FOR VALUE RECEIVED,
WE, THE UNDERSIGNED, jointly and severally promise to pay, in lawful
money of the United States of America, to the order of [s-LenderName]
at [s-LenderAddress [s-CheckAmount] in installments as follows:
[s-PaymentAmount] on
[s-PayDate], and [s-SuccNumber] successive payments of
[s-SuccCheckAmount] beginning on [s-BegPayDate] together with a
delinquency charge on each installment in default for days in an
amount equal to [AmounPercNumber]% of such installment but not less
than [s-InstalCheckAmount].
In the event of
default in the payment of any of the said installments or said
interest when due as herein provided, time being of the essence
hereof, the holder of this note may, without notice or demand,
declare the entire principal sum then unpaid immediately due and
payable.
The holder of this
note may, with or without notice to any of us, cause additional
parties to be added hereto, or release any party hereto, or revise,
extend, or renew the note, or extend the time for making any
installment provided for herein, or accept any installment in
advance, all without affecting the liability of us, or any of us,
hereon.
If suit is initiated
on said note, the parties hereto jointly and severally agree to pay
to the holder of said note a reasonable attorney fee.
The borrower agrees
to pay a reasonable collection charge should collection be referred
to a collection agency or to the payee`s collection facilities.
The parties hereto,
jointly and severally, hereby waive presentment, demand, protest,
notice of dishonor and/or protest and notice of nonpayment; the
right, if any, to the benefit of, or to direct the application of,
any security hypothecated to the holder until all indebtedness of the
borrower to the holder shall have been paid; the right to require the
holder to proceed against the borrower, or to pursue any other remedy
in the holder's power; and agree that the holder may proceed against
us directly and independently of the borrower, and that the cessation
of
Continuation
of 5037
liability of the
borrower for any reason, other than full payment, or any revision,
renewal, extension, forbearance, change of rate of interest, or
acceptance, release or substitution of security, or any impairment or
suspension of the holder's remedies or rights against the borrower,
shall not in anywise affect the liability of any of the parties
hereto.
The parties hereto
hereby authorize [s-Payee] to date this note as of the day when the
loan evidenced hereby is made and to complete this note in any other
particular according to the terms of the said loan.
It is agreed that if
the parties hereto, or any of them at any time fail in business or
become insolvent, or commit an act of bankruptcy, or if any deposit
account or other property of the parties hereto, or any of them, be
attempted to be obtained or held by writ of execution, garnishment,
attachment, or other legal process, or if any assessment for taxes
against the parties hereto, or any of them, other than taxes on real
property, is made by the federal or state government, or any
department thereof, or if the parties hereto fail to notify you of
any material change in their financial condition, then, and in such
case all of the obligations of the parties hereto to you, or held by
you, shall at your option immediately become due and payable without
demand or notice.
______________________________ _______________________________
Borrower
Signature Address
______________________________ _______________________________
Co-Maker
Signature Address
