[This is a model promissory note only. As laws vary by state it is important to have this document reviewed by legal counsel before use.]
Promissory Note
$ __________ . ____ ______________ COUNTY STATE OF _____________ I, __________________________________________________, the undersigned (the "Maker"), being over eighteen (18) years of age, do hereby unconditionally and irrevocably promise to pay to the Delta Phi Fraternity, Inc., a New York not-for-profit corporation having an address at PO Box 81521, Athens, Georgia 30608-1521 (the "Holder"), the amount of $___________ (the "Principal Amount") to be held for the benefit of the __________ Chapter of Delta Phi. Said Principal Amount (to include any further debt in addition thereto incurred by me) shall be paid in installments, and free of interest, as shown in 'Exhibit 'A,' attached hereto. My liability under this note shall not be in any manner affected by any waiver or indulgence, whatsoever, granted or consented to by the Holder hereof, including, but not limited to, any extension of time, renewal, waiver of any provision or any other modification. The Holder of this note at all times shall have the rights, powers and remedies herein or by law provided. This note may not be changed or terminated orally. Time is of the essence for my performance under this note; it is expressly understood and agreed that if default is made in the payment of any of the aforesaid installments, or any part thereof, as and when the same shall become due and payable, then, and in such event, the entire unpaid balance of the aforesaid Principal Amount, at the sole option of the Holder hereof, shall be immediately due and payable. In the event of such default and the acceleration of the unpaid balance, said amount shall bear interest at the rate of ten percent (10%) per annum from the date of non-payment of the principal installment. If said Principal Amount is collected, through an attorney at law, or by any other means, the undersigned agrees to pay all costs of collection, including all attorney's fees. The undersigned waives demand, protest, and notice of demand, protest and non-payment. This note is to be construed in all respects and enforced according to the laws of the State of __________________. The undersigned may prepay at any time without penalty. All notices given hereunder shall be in writing and shall be deemed made when sent by Federal Express (or other express service) or certified mail, return receipt requested, to the address stated herein of the party to whom notice is given. The Maker or the Holder may change the address to which notice is to be given by giving notice to the other party. IN WITNESS WHEREOF, and given under my hand and seal the date above written. _____________________________________ (SEAL) Social Security #: __________________ Maker's Permanent Address: ______________________________________________________ Telephone Number: _____________________________________________________________ DATE: ______________
Exhibit 'A' to Promissory Note Schedule of Payments
Installment Number 1 2 3 Amount Due Date Due
Thereafter
Any Unpaid Amounts
On Demand
This is the exhibit mentioned on page 1, paragraph 1 of this note.