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Promissory Installment Note
FOR GOOD AND VALUABLE CONSIDERATION, [Name] of [Address], the undersigned, hereinafter referred to as "Borrower(s)", jointly and severally, do hereby promise to pay to [Name] of [Address], hereinafter referred to as "Lender", the amount of [$------], together with interest accrued at the rate of [--%] percent per --------, compounded --------.
Said amount is to be payable in [--] installments of [Enumerate], the first of which is due on or before [Date], and following payments to be made on the [Day] of each [Month].
Payments shall be made in the following fashion:
This Note shall be considered in default if Borrower(s) are more than one payment late. In case of such default, Borrower(s) agree to pay all reasonable expenses, including court costs and attorney fees, incurred during collection proceedings.
This Note may be paid in full at any time without penalty charge.
This Note acknowledges an outstanding account balance exists with the Borrower(s), and it is understood that this instrument is not to be construed as a separate obligation.
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]