Promissory 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.

The said sum shall be paid in the manner following:

___________________________________________________

___________________________________________________

___________________________________________________

 

All payments shall be applied firstly to payment of interest and the balance, if any, to principal.  This note may be prepaid at any time, in whole or in part, without notice, penalty or bonus.

This note shall, at the option of any holder, be immediately due and payable upon the occurrence of any of the following:

1. The failure to make any payment due hereunder within_____ days of its due date.

2. The breach of any term or condition of any security agreement, mortgage or guarantee given as collateral security for this note.

3. The breach of any condition or term of any security agreement or mortgage, if any, having any priority over any security agreement or mortgage on collateral given, in whole or in part, as collateral security for this note.

4. Upon the death, dissolution, insolvency or liquidation of the undersigned, or any endorser, guarantor or surety to this note.

5. Upon the filing by the undersigned or any endorser, guarantor or surety of an assignment for the benefit of creditors, bankruptcy, or for relief under the provisions of any Act respecting insolvency or the protection of debtors, or by suffering a petition in bankruptcy or receivership which is not vacated within ten days.

In the event this note shall be in default, and placed with a solicitor for collection, the undersigned agrees to pay all solicitor's fees and costs of collection. Payments not made within five days of their due date shall be subject to a late charge of
$_____________.  All payments hereunder shall be made to such address as may from time to time be designated by any holder hereof.

The undersigned and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound hereunder until this note shall be fully paid and hereby waive demand, presentment and protest and all notices thereof, and further agree to remain bound, notwithstanding any extension, modification, waiver, or other indulgence of any holder of this note, or to this note, or upon the exchange, substitution, or release of any collateral granted as security for this note. No modification or indulgence by any holder hereof shall be binding unless in writing, and any indulgence on any one occasion shall not be an indulgence for any other or future occasion.

Any modification or change of terms granted by any holder shall be valid and binding upon each of the undersigned, notwithstanding the acknowledgement of any of the undersigned, and each of the undersigned does hereby irrevocably grant to each of the others a power of attorney to enter into any such modification on their behalf. The rights of any holder hereof shall be cumulative and may be exercised separately.

 

Dated this______ day of__________________, 201(x).

 

_______________________  _________________________

_________________________________________________

 

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