Promissory Note - (For Optionee) (For Optionee without adequate cash for full amount of consideration)
Promissory Note
$_____________ ____________________________ Dollars
FOR VALUE RECEIVED the undersigned jointly and severally promise(s) to pay to the order of ___________________ the principal sum of __________________ Dollars ($______.00) together with interest thereon from date at the rate of Ten Percent (10%) percent per annum until maturity, said principal and interest being payable monthly on the tenth (10th) day of each and every month in lawful money of the United States beginning on the Tenth (10th) day of ___________________, 20____, in monthly installments of _____________________ Dollars ($______.00), and continuing thereafter until ___________________, 20____, or until said principal and interest have been paid in full, at _____________________________________________________________________________, or at such other place as the holder hereof may designate in writing from time to time.
Each maker and endorser severally waives demand, protest, and notice of maturity, non-payment, or protest and all requirements necessary to hold each of them liable as makers and endorsers and, should litigation be necessary to enforce this note, each maker and endorser waives trail by jury and consents to the personal jurisdiction and venue of a court of subject matter jurisdiction located in the State of ____________ and County of _________________________.
Each maker and endorser further agrees, jointly and severally, to pay all costs of collection, including a reasonable attorney's fee in case the principal of this note or any payment on the principal or any interest thereon is not paid at the respective maturity thereof, or in case it becomes necessary to protect the security hereof, whether suit be brought or not.
This note is to be construed and enforced according to the law of the State of _______________; upon default in the payment of principal and/or interest when due, the whole sum of principal and interest remaining unpaid shall, at the option of the holder, become immediately due and payable.
Installments, or payment (if single payment Note), not paid within 5 days of due date shall incur a fee of 15% of the installment or payment, but not less than $10.00. The Holder shall be entitled to all costs of collection should this Note, or any part of the indebtedness evidenced hereby, be accelerated and not paid. Should this note be collected at law or by an attorney at law, an Attorney/Collection Fee of 15% of the balance due, but not less than $100.00, plus any costs and administration fees, shall be added.
Unless specifically disallowed by law, should litigation arise hereunder, service of process therefor may be obtained through certified mail, return receipt requested; the parties hereto waiving any and all rights they may have to object to the method by which service was perfected.
IN WITNESS WHEREOF: The undersigned acknowledge that they have read and understand this agreement and agree to all of the terms and conditions contained herein, and that they have been given a copy of this agreement.
_______________________________
Debtor
______________________________
Date
______________________________
Social Security Number
______________________________
Print Name
______________________________
Print Name
______________________________
Date
______________________________
Social Security Number
______________________________
Note Holder/Agent This document and accompanying materials are designed to provide authoritative information in regard to the subject matter covered in it. It is for illustration purposes only and presented with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional opinions. If legal advice or other expert assistance is required, the services of a competent professional should be sought. |
