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Deed Of Trust Note
USD. [$------] (City), (State)
FOR VALUE RECEIVED, the undersigned promise to pay to the order of [Enumerate], or order, the principal sum of [$------] payable with interest at the rate of [--%] percent per annum on the outstanding principal balance in [--] consecutive monthly installments beginning on [Date], in the amount of [$------] with a like amount of [$------] being due on the [--th] day of each successive month thereafter until paid in full, provided that, if not sooner paid the entire principal balance, accrued interest, and penalties, if any, shall be due on [Date].
Transfer of the property or a beneficial interest in borrower.
If all or any part of the real property hereinabove-described, or any interest in it, is sold or transferred, or if a beneficial interest in Borrowers is sold or transferred, without Noteholders prior written consent, Noteholders, may at their option, require immediate payment in full of all sums evidenced hereby due and payable.
Prepayment: Makers reserve the right to pay off the indebtedness evidenced in whole or part without penalty or surcharge.
Late payment: The Makers agree to pay a "late charge" of [--%] percent of any monthly installment of principal and interest overdue in excess of [--] calendar days from the due date.
Principal and interest are due on this note payable, at par, in lawful money of the United States of America in the office of the noteholder at [Address], or such other place as the noteholder may designate in writing.
This note is secured by the lien of a deed of trust of even date herewith duly recorded in the [County], made by the undersigned to [Trustee], conveying [Address].
The makers, endorser(s) and guarantor(s), if any, hereof expressly waive protest, demand, presentment and notice of dishonor, and agree that this note may be extended, in whole or in part without limit as to the number of such extension(s) or the period or periods thereof and without notice to them and without affecting their liability thereon.
If the rebets debt evidenced hereby is not paid in full at the time and in the manner above specified, then all principal and accrued interest shall, at the option of the legal holder hereof, become at once due and payable without notice, and in the event of such default, the undersigned and all endorser(s) hereof will pay all expenses and costs, including reasonable attorney fees, incident to collection, or enforcement or protection of any rights appertaining to, or growing out of this note and the instrument securing this note; and it is expressly agreed that all rights granted to payee herein, under the provisions of the instrument securing this note, shall inure to the benefit of, and be enforceable by, any lawful owner and holder of this note.
Failure of the owner and holder of this note to enforce any right herein granted, at any time, shall not preclude the right to enforce such rights as to any subsequent default or violation, the rights and obligations herein granted being continuing ones.
Important: This document creates legal consequences, which should be defined, discussed, and confirmed with competent legal representation. There is not any assurance to the user that this document will accomplish a particular legal result or objective without the review of all circumstances which require it's completion.
This Section for Notary:
STATE OF -------)
) ss: [Date]
COUNTY OF ------)
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
[Name of Notary Public]
My commission expires: [date]