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Promissory Note General Form
FOR GOOD AND VALUABLE CONSIDERATION RECEIVED, We, the undersigned [Name] and [Name] of [Addresses], hereinafter referred to as "Borrowers", do hereby jointly and severally promise to pay to [Name] of [Address], hereinafter referred to as "Lender", the amount of [$------], with interest on such amount accruing at the rate of [--%] percent per --------.
Payment will first be applied to interest, and then to principal, accordingly.
Payments shall be made in the following fashion: [Enumerate].
Payments are due on the [Day] of each [Month], to be paid at [Enumerate], in person or by mail with the United States Postal Service. Any payment not made within [Enumerate] of being due shall be considered in default and Lender may, at such time, demand payment in full of the entire balance due, including interest.
Borrowers reserve the right to pay the entire balance due on this Note at any time, without penalty charges.
As collateral security for the payment of this Note, Borrowers agree to: [Enumerate].
Confession Of Judgment. Borrowers do hereby irrevocably authorize any attorney of any court of record to appear for Borrowers at any time to waive the issuance and service of process and to confess judgment against Borrowers, and in favor of Lender or any subsequent holder hereof, for such amount as is unpaid with accrued interest, together with costs and attorney fees.
In addition Borrowers ratify and confirm all that said attorney may do by virtue hereof, and waive and release all errors that may intervene in such proceedings. Venue shall lie in the following jurisdiction:
Notices. Any notice to be given or to be served upon any party hereto must be in writing and may be given by certified or registered mail, but shall be deemed to have been given and received when a certified or registered letter containing such notice, properly addressed with postage prepaid, is deposited with U.S. Mail. If notice is given in some manner other than by certified or registered mail, it shall be deemed to have been given when delivered to and received by the party to whom it is addressed, Such notices shall be given to the parties hereto at the following addresses:
Further Assurances. In connection with this Promissory Note and the transactions contemplated hereby, each party to this Promissory Note will execute and deliver any additional documents and perform any additional acts that may be necessary or appropriate to effectuate and perform its obligations under this Promissory Note and the transactions contemplated hereby.
Waiver Of Contractual Right. The failure of either party to enforce any provision of this Promissory Note shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Promissory Note.
ACKNOWLEDGEMENT BY NOTARY PUBLIC
State of ________)
On ________, before me, ________, Notary Public, personally appeared ________, [Name(s)] who proved to me on the basis of satisfactory evidence to be the person(s) whose names(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 signatures on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under the PENALTY OF PERJURY under the laws of the State of _________ that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Name of Notary
My Commission Expires