DIY Legal Forms

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Promissory Note Secured

[$------]

Dated:

For value received, I, [Name] of [Address], hereinafter referred to as "Borrower", promises to pay to [Name] of [Address], hereinafter referred to as "Noteholder", the principal amount of [$------], with interest at the rate of [--%] on any unpaid balance.

Payments are payable to the Noteholder in [--] consecutive installments of [$------], including interest, and continuing on the [--th] day of each [Month] until paid in full. If not paid off sooner, this Note is due and payable in full on [Date].

The Borrower further agrees:

(a) This Note is secured by a Security Agreement dated [Date], which has also been signed by the Borrower.

(b) This Note may be accelerated and demand for immediate full payment made by the Noteholder upon breach of any conditions of the Security Agreement.

(c) This Note may be prepaid in whole or in part at any time without penalty.

(d) This Note is not assumable without the written consent of the Noteholder.

If the Borrower is in default more than [--] days with any payment, this Note is payable upon demand of any Noteholder.

The Borrower waives demand, presentment for payment, protest, and notice. In the event of such default, Borrower will also be responsible for any costs of collection on this Note, including court costs and attorney fees.

Signature

[Name], Borrower

Signature

[Name], Noteholder

This Section for Notary:

Acknowledgment

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.

[Signature]

[Name of Notary Public]

My commission expires: [date]

(Seal)