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Secured Time Note Note Part Of Series
For value received, [Name], of [Address], hereinafter referred to as "Maker", promises to pay to the order of [Payee], of [Address], or [Name] successors and assigns, referred to as holder, at [Address], in lawful money of the United States, the sum of [$------], with interest at the rate of [--%] percent per annum.
1. Series of Notes. This note is one of a series of notes, all of like tenor, except as to amount, issued and to be issued by maker, [if appropriate, add: amounting in the aggregate to not more than the principal sum of [$------].
2. Prepayment. Maker reserves the right at any time to prepay, in whole or in part, the principal or interest owing on any or all of the issued and outstanding notes of this series.
[If desired, add: If maker elects to prepay less than all of the indebtedness evidenced by the then issued and outstanding notes of this series, maker will pay to holder the same proportion of the principal or interest of the indebtedness evidenced by this note that holder may at that time pay to the holder of any other issued and outstanding note of this series].
3. Reference to Security Agreement. This note is secured by a security agreement between maker and [Payee], dated [Date], and the maturity of this note may be accelerated as provided in that security agreement.
4. Record of payments. Receipt of all payments on account of principal and interest of this note that may be made by maker prior to maturity shall be endorsed on the reverse side of this note.
Name of Maker
Name of Payee (or [Name] successors and assigns)
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]