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Promissory Note (Balloon)
FOR VALUE AND CONSIDERATIONS RECEIVED, I (We), the undersigned ________________, (Borrower) individually guarantee to pay to ____________ (Lender) the total sum of ___________ ($____) which includes an interest payment of _________ dollars ($____) and the principal payment of _________ dollars ($____) per month. Such interest payment has been calculated at the rate of ______ percent (__%) per year.
The following terms and conditions shall be valid throughout the life of the Note:
Such payment shall continue for a period of ________ months until ________, 20_____, and the final payment (balloon payment) of ___________ dollars ($____) shall be due and payable on _____________, 20______. This Note may be prepaid in whole or in part at any time with premium or penalty of _____% of the outstanding balance of the loan. All prepayments shall be applied first to interest, then to principal payments in the order of their maturity.
The Borrower(s) agrees to pay all costs and expenses, including but not limited to all reasonable attorney fees, for the collection of this Note in an event of default. All payments shall be made on the _________ day of each month at ___________, or at such other place as the holder hereof may from time to time designate in writing.
Each maker, surety, guarantor and endorser of this Note waives presentment, notice and protest, all suretyship defenses and agrees to all extensions, renewals, or releases, discharge or exchange of any other party or collateral without notice.
(FOR GUARANTEE PURPOSES)
I, _________________________, shall act as the sole guarantor of the Borrower(s). In the event of default, I shall personally be held liable for the full payment of the Note.