INFORMATION REGARDING THE PARTIES

Enter the following information about parties to the Note.

The Lender's name is:
The 1st Borrower's name is:
The 2nd Borrower's name is:
The 3rd Borrower's name is:

This Note is entered into in the:

City of:
County of:
State of:

INFORMATION REGARDING TERMS OF THE NOTE

The amount owed under the Note is $.
(DO NOT USE A COMMA (",") IN THE NUMBER)

The Interest Rate on the amount owed is percent.
(Use a number. For example, for ten percent enter the number 10).


The Note is dated (enter a date): . This Note Commencement Date is when interest begins to accrue, and is the date used to determine when the Note is due.

The Note is due on:
months after the Note Commencement Date.
year(s) after the Note Commencement Date.
On demand.

The first monthly payment must be made on .
(this is usually one month after the Note Commencement Date)

The loan has to be repaid in one of the following methods:
FULLY AMORTIZED, meaning equal monthly interest and principal repayments every month over the life of the loan, until the loan is repaid in full. (This method does not apply to a note payable "on demand".)
INTEREST ONLY paid on a monthly basis, with the entire principal amount payable in full on the due date.
NO MONTHLY PAYMENTS of interest or principal until the due date, with the entire principal and all accrued interest payable in full on the due date.

MISCELLANEOUS PROVISIONS

Attorney's Fees
A clause for attorney's fees is normally included in the note in the event the borrower defaults in repayment of the loan. This means that if the lender has to sue to collect on the note, the court will give the party which wins the lawsuit reasonable attorney's fees.

Yes, include an attorney's fees clause.
No, do not include an attorney's fees clause.

Place of Performance
All payments are to be made at the following address:

(This clarifies not only where payments must be made, but also acts as a "venue" clause, meaning that any legal action to collect on the Note can be brought in the State and County where payment is to be made, not where the borrower lives.


Choice of Law
The state whose laws will apply to this note is
(Usually this is the state of residence of the lender.)

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This completes the information input for your Promissory Note. When you Send this Form, this program will prepare a Summary of the Promissory Note for your review. Make sure that all facts stated in the Summary are correct in all respects.




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