Borrower Information:
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Name:
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Date:
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Street Address:
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Date of Birth:
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City:
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Area Code/Telephone Number:
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State:
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Driver's License Number:
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Zip:
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Social Security Number:
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Name:
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Area Code/Telephone Number:
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Street Address:
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If paying by check, make check payble to:
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City:
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Send Payments To:
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State:
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Zip:
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Loan Amount:
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Loan Period:
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Interest Rate:
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Payment Schedule:
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1. Agreement to Pay. For the following value received, __________ (further known as "Borrower") will pay __________ (further known as "Lender") $______ along with interest at the yearly rate of _____% on the unpaid balance described below.
2. Payment Schedule Options (Circle the letter that applies).
a. Borrower shall pay $_____ on the _____ day of the month for _____ number of months.
b. Borrower shall pay one lump payment on the following date: ____/____/______.
c. Borrower shall pay $_____ on the _____ day of the month for _____ number of months with a final balloon payment of $_____ at the end of the loan term on ____/____/______.
3. Application of Payments. All payments will first pay off any interest owed followed by principle.
4. Prepayment. If Borrower makes a prepayment of all or any of the principal there shall be no penalty.
5. Past Due. If Borrower is past due more than _____ days late in making any payment, The Lender may declare that the entire unpaid balance of unpaid principle is due immediately, in addition to the accrued interest.
6. Security Deposit (Circle the letter that applies).
a. This is an unsecured note.
b. Until the principal and interest owed under this promissory note are paid in full the borrower agrees that this note shall be secured by a security agreement in the assets of the business known as ________.
c. Until the principal and interest owed under this promissory are paid in full, this note shall be secured with the following:
___ Mortgage of property at __________.
___ Deed of trust covering the real estate at __________.
7. Collection Costs. If the Lender wins by lawsuit to issue collection on this note, the Borrower will pay all the Lender's costs including any attorney fees incurred in an amount the presiding court finds reasonable and customary.
In agreement to the above mentioned terms the Lender and Borrower sign below:
Applicable Law
This contract shall be governed by the laws of the State of _____ in ______ County and any applicable Federal Law.
_______________________ Date_____
Signature of Lender
_______________________ Date_____
Signature of Borrower
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