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General Form Note Negotiable Under Certain Conditions
[Obligor], for value received, promises to pay to [Obligee] the principal sum of [$------], with the principal sum payable in one lump sum due on [Date] and with accrued interest on the unpaid balance at the rate of [--%] percent per annum, payable [Date].
1. Any amount paid under this note shall first be applied to the accrued interest. The balance shall be applied to the principal.
2. On default for [--] calendar days, obligee shall send written notice of the default to obligor by certified mail. If the default has not been cured within [--] days after the mailing of the notice, then the entire unpaid balance of this note shall, at the option of obligee become immediately due and payable.
3. The obligor may prepay any part or all of the debt at any time, without penalty. Any and all prepayments shall be applied first to accrued and unpaid interest and then to principal.
4. This note is nonnegotiable, except under the following conditions: [set forth conditions which make note negotiable]. Unless these conditions are met, the terms, conditions, and obligations of this note run only to obligor, [Name] heirs, administrators, and executors.
5. Any notice to a party shall be deemed served if personally delivered or mailed by certified mail, return receipt requested, to [Name] last known address.
6. The laws of the State of [State] shall govern and control all questions with respect to this note and the interpretation and validity of its provisions.
This agreement is executed on [Date], at [Place of Execution].
*** If Required By State Law ***
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]