Installment Note

FOR VALUE RECEIVED, the undersigned promises to pay to the order

of____________________________HOLDER the sum of $_____________ together with interest thereon at the rate of ______% per annum in equal monthly installments of $____________ each, the first payment of which shall be due on the______ day of__________________, 201(x), and a like amount on the same day of each month thereafter until the full amount of this note and accrued interest shall be fully paid.  All payments shall be applied first in payment of interest and the balance, if any, in reduction of principal. The undersigned shall have the right to prepay this note in whole or in part without notice, bonus or penalty.

This note shall be fully payable upon demand of any holder in the event that the undersigned defaults in making any payments due under this note.  In the event of default the undersigned agrees to pay all solicitors fees and costs of collection.

Dated this_______ day of__________________, 201(x).

 

________________________    _________________________

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