PROMISSORY NOTE:THIS PROMISSORY NOTE (The "Note")
is entered into this ______________ _____, ________ between:
For and in consideration of the covenants and obligations contained herein the Lender and Borrowers do hereby agree as follows:
The Borrowers promises to pay to the Lender the sum of $ (the "Principal").
Replayment of this Note shall begin , . Payments shall be made in the lawful currency of the United States and shall be for the amount of $ .
Payments will be delivered to the Lender address or such other address as may later be agreed upon by the parties.
Should the Borrowers default in payment, the Borrowers shall pay all costs, expenses and all reasonable legal costs incurred by the Lender, for the purpose of collection of this Promissory Note and including reasonable collection charges should collection be referred to a collection agency. These costs will be added to the outstanding principal and will become immediately due.
- MODIFICATION AND AMENDMENTS
No modification or waiver of any of the terms of this Agreement shall be allowed unless by written agreement signed by both parties. No waiver of any breach or default hereunder shall be deemed a waiver of any subsequent breach or default of the same or similar nature.
- BINDING EFFECT:
Except as otherwise provided in this Note, all of the covenants, conditions and provisions of this Note shall be binding upon the parties hereto and their respective heirs, personal representatives, executors, administrators, successors and assigns.
- BREACH OF NOTE:
The parties acknowledge that no breach of any provision of the Note shall be deemed waived unless evidenced in writing. A waiver of one breach shall not be deemed a waiver of any other breach of the same or any Provision of the Note.
Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Note.
- GOVERNING LAW:
This Note is governed by the statutory and case law of the State of .
The parties hereby indicate by their signatures below that they have read and agreed with the terms and condition of this Note in its entirety. Dated:
______________ _____, ________.