________________, 19 _________________ , _________
(date) (city) (state)
_________________________________________________________________
(property address)
1. Borrower's Promise to Pay
2. Interest
Interest will be charged on unpaid principal until the full
amount of principal has been paid. I will pay interest at
a yearly rate of ____________ %. This interest rate
required by this Section 2 is the rate I will pay both
before and after any default described in Section 6(B) of
this Note.
3. Payments
(A) Time and Place of Payments
I will pay principal and interest by making payments every
month.
I will make my monthly payments on the _________ day of each
month beginning on _____________________ , 19___. I will make
these payments every month until I have paid all of the
principal and interest and any other charges described below
that I may owe under this Note. My monthly payments will be
applied to interest before principal. If, on ________________ ,
________ , I still owe amounts under this Note, I will pay
those amounts in full on that date, which is called the
"maturity date".
I will make my monthly payments at: _______________________________________________________________
or at a different place if required by the Note Holder.
(B) Amount of Monthly Payments
My monthly payment will be in the amount of U.S. $_________
4. Borrower's right to Prepay
I have the right to make payments of principal at any time
before they are due. A payment of principal only is known
as a "prepayment". When I make a prepayment, I will tell
the Note Holder in writing that I am doing so. I may make
a full prepayment or partial prepayments without paying
any prepayment charges. The Note Holder will use all of
my prepayments to reduce the amount of the principal that
I owe under this Note. If I make a partial prepayment,
there will be no changes in the due date or in the amount
of my monthly payment unless the Note Holder agrees in
writing to those changes.
5. Loan Charges
If a law, which applies to this loan and which sets maximum
loan charges, is finally interpreted so that the interest
or other loan charges collected or to be collected with this
loan exceed the permitted limits, then: (i) any such loan
charge shall be reduced by the amount necessary to reduce
the charge to the permitted limit; and (ii) any sums already
collected from me which exceed permitted limits will be
refunded to me. The Note Holder may choose to make this
refund by reducing the principal I owe under this Note or by
making a direct payment to me. If a refund reduces principal
the reduction will be treated as a partial payment.
6. Borrower's failure to pay as required
(A) Late charge for overdue payments
If the Note Holder has not received the full amount of any
monthly payment by the end of _________ calendar days after
the date it is due, I will pay a late charge to the Note
Holder. The amount of the charge will be _______ % of my
overdue payment of principal and interest. I will pay this
late charge but only once on each late payment.
(B) Default
If I do not pay the full amount of each monthly payment on
the date it is due, I will be in default.
(C) Notice of Default
If I am in default, the Note Holder may send me a written
notice telling me that if i do not pay the overdue amount
by a certain date, the Note Holder may require me to pay
immediately the full amount of principal which has not
been paid and all the interest that I owe on that amount.
That date must be at least 30 days after the date on which
the notice is delivered or mailed to me.
(D) No waiver by Note Holder
Even if, at a time when I am in default, the Note Holder
does not require me to pay immediately in full as described
above, the Note Holder will still have the right to do so
if I am in default at a later time.
(E) Payment of Note Holder's costs and expenses
If the Note Holder has required me to pay immediately in
full as described above, the Note Holder will have the right
to be paid back by me for all of its costs and expenses in
enforcing this Note to the extent not prohibited by applicable
law. Those expenses include, for example, reasonable attorney's
fees.
7. Giving of notices
Unless applicable law requires a different method, any notice
that must be given to me under this Note will be given by
under this Note will be given by delivering it or by mailing
it by first class mail to me at the Property Address above
or at a different address if I give the Note Holder a notice
of my different address. Any notice that must be given to
the Note Holder under this Note will be given by mailing it
by first class mail to the Note Holder at the address stated
in Section 3(A) above or at a different address if I am given
a notice of that different address.
8. Obligations of persons under this note
If more than one person signs this Note, each person is fully
and personally obligated to keep all of the promises made in
this Note, including the promise to pay the full amount owed.
Any person who is a guarantor, surety or endorser of this
Note is also obligated to do these things. Any person who
takes over these obligations, including the obligations of
a guarantor, surety or endorser of this Note, is also
obligated to keep all of the promises made in this Note. The
Note Holder may enforce its rights under this Note against
each person individually or against all of us together.
This means that any one of us may be required to pay all of
the amounts owed under this Note.
9. Waivers
I and any other person who has obligations under this Note
waive the rights of presentment and notice of dishonor.
"Presentment" means the right to require the Note Holder to
demand payment of amounts due. "Notice of dishonor" means
the right to require the Note Holder to give notice to
other persons that amounts due have not been paid.
10. Uniform secured Note
This Note is a uniform instrument with limited variations in
some jurisdictions. In addition to the protections given to
the Note Holder under this Note, a Mortgage, Deed of Trust or
Security Deed (the "Security Instrument""), dated the same
date as this Note, protects the Note Holder from possible
losses which might result if I do not keep the promises which
I make in this Note. That Security Instrument described how
and under what conditions I may be required to make immediate
payment in full of all amounts I owe under this Note. Some
of those conditions are described as follows:
Transfer of the Property or a Beneficial Interest in Borrower.
If all or any part of the Property or any interest in it is
sold or transferred (or if a beneficial interest in Borrower
is sold or transferred and Borrower is not a natural person)
without Lender's prior written consent, Lender may, at its
option, require immediate payment in full of all sums secured
by this Security Instrument. However, this option shall not
be exercised by Lender if exercise is prohibited by federal
law as of the date of this Security Instrument.
If Lender
exercises this option, Lender shall give Borrower notice of
acceleration. The notice shall provide a period of not less
than 30 days from the date the notice is delivered or mailed
within which Borrower must pay all sums secured by this
Security Instrument. If Borrower fails to pay these sums prior
to the expiration of this period, Lender may invoke any
remedies permitted by this Security Instrument without further
notice or demand on Borrower.
WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED.
__________________________(Seal)
SSN: -Borrower
__________________________(Seal)
SSN: -Borrower
__________________________(Seal)
SSN: -Borrower
__________________________(Seal)
SSN: -Borrower