$_____________________(AMOUNT)

Promissory Note

___________________(DATE)
FOR VALUE RECEIVED, the undersigned, (the "Maker"), hereby promises to pay to
the order of ____________________ (LENDER NAME) ("Payee"), the principal sum of
$ ____________ pursuant to the terms and conditions set forth herein.
PAYMENT OF PRINCIPAL. The principal amount of this Promissory Note (the "Note")
and any accrued but unpaid interest shall be due and payable in ____________
(NUMBER OF PAYMENTS) (CIRCLE ONE: equal monthly installments / equal quarterly
installments / payments as described below) beginning ___________________ (DATE
OF FIRST PAYMENT). All payments under this Note shall be applied first to accrued
but unpaid interest, and next to outstanding principal. If not sooner paid, the entire
remaining indebtedness (including accrued interest) shall be due and payable on
_________________ (DATE OF FINAL PAYMENT).
INTEREST. This Note shall bear interest, compounded annually, at _______%
(ANNUAL INTEREST RATE) percent, making the timely monthly payment amount
$__________, except for the final payment, which shall be $__________.
PREPAYMENT. The Maker shall have the right at any time and from time to time to
prepay this Note in whole or in part without premium or penalty.
REMEDIES. No delay or omission on part of the holder of this Note in exercising any
right hereunder shall operate as a waiver of any such right or of any other right of such
holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to
or waiver of the same or any other right on any future occasion. The rights and
remedies of the Payee shall be cumulative and may be pursued singly, successively, or
together, in the sole discretion of the Payee.
EVENTS OF ACCELERATION. The occurrence of any of the following shall constitute
an "Event of Acceleration" by Maker under this Note:
(a) Maker's failure to pay any part of the principal or interest as and when due
under this Note; or
(b) Maker's becoming insolvent or not paying its debts as they become due.
ACCELERATION. Upon the occurrence of an Event of Acceleration under this Note,
and in addition to any other rights and remedies that Payee may have, Payee shall have
the right, at its sole and exclusive option, to declare this Note immediately due and
payable.
SUBORDINATION. The Maker's obligations under this Promissory Note are
subordinated to all indebtedness, if any, of Maker, to any unrelated third party lender to
the extent such indebtedness is outstanding on the date of this Note and such
subordination is required under the loan documents providing for such indebtedness.
WAIVERS BY MAKER. All parties to this Note including Maker and any sureties,
endorsers, and guarantors hereby waive protest, presentment, notice of dishonor, and
notice of acceleration of maturity and agree to continue to remain bound for the
payment of principal, interest and all other sums due under this Note notwithstanding
any change or changes by way of release, surrender, exchange, modification or
substitution of any security for this Note or by way of any extension or extensions of
time for the payment of principal and interest; and all such parties waive all and every
kind of notice of such change or changes and agree that the same may be made
without notice or consent of any of them.
EXPENSES. In the event any payment under this Note is not paid within ______ days
of each month’s due date, a late payment fee of $_________ is also due. If collection
through legal means is required because of default, the Maker agrees to pay, in addition
to the principal, interest and late fees hereunder, reasonable attorneys' fees not
exceeding a sum equal to 15% of the then outstanding balance owing on the Note, plus
all other reasonable expenses incurred by Payee in exercising any of its rights and
remedies upon default.
GOVERNING LAW. This Note shall be governed by, and construed in accordance with,
the laws of the State of ___________________ (STATE NAME).
SUCCESSORS. All of the foregoing is the promise of Maker and shall bind Maker and
Maker's successors, heirs and assigns; provided, however, that Maker may not assign
any of its rights or delegate any of its obligations hereunder without the prior written
consent of the holder of this Note.
IN WITNESS WHEREOF, Maker has executed this Promissory Note as of the day and
year first above written.
Maker: ______________________________________(BORROWER SIGNATURE)
___________________________________________ (BORROWER NAME)
________________________________________ (BORROWER ADDRESS)