PROMISSORY
NOTE WITH GUARANTY
Date:
FOR VALUE RECEIVED,
the undersigned hereby jointly and severally promise to pay to the
order of [___], the sum of [s-CheckAmount], together with interest
thereon at the rate of [s-PercNumber]% per annum on the unpaid
balance. Said sum shall be paid in the manner following:
[s-DescriptionTerms]
All payments shall
be first applied to interest and the balance to principal.
This note may be
prepaid, at any time, in whole or part, without penalty.
This note shall at
the option of any holder hereof be immediately due and payable upon
the occurrence of any of the following:
1. Failure to make
any payment due hereunder within [s-PayNumber] days of its due date.
2. Breach of any
condition of any security interest, mortgage, pledge agreement or
guaranty granted as collateral security for this note.
3. 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.
4. Upon the death,
dissolution or liquidation of any of the undersigned, or any
endorser, guarantor or surety hereto.
5. 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 [s-DueNumber] days of due date shall be subject to a late
charge of [LatePercNumber]% 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, agree to remain fully bound hereunder until this note shall
be fully paid and 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. No modification or
indulgence by any holder hereof shall be binding unless in writing;
and any indulgence on any one occasion. Any modification or change of
terms, hereunder granted by any holder hereof, shall be valid and
binding upon each of the undersigned, notwithstanding the
acknowledgement of any of the undersigned, and each of the
undersigned does hereby irrevocably grant to each others a power of
attorney to enter into any such modification on their behalf. The
rights of any holder hereof shall be cumulative and not necessarily
successive. This note shall take effect as a sealed instrument and
shall be construed, governed and enforced in accordance with the laws
of [___].
__________________________ _________________
Signature Date
