Promissory Notes by PastorGallo

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									                                                        PROMISSORY NOTE
                                                            Page 13


                                                          Promissory Note
I, __(INSERT NAME)_____________, promise to pay to Lenoir-Rhyne University located at Hickory, North Carolina the sum of
the amounts that are advanced to me and endorsed in the Schedule of Advances set forth below. I promise to pay all attorneys’ fees
and other reasonable collection costs and charges necessary for the collection of any amount not paid when due.

                                                     SCHEDULE OF ADVANCES

The following amount was advanced to me under this loan agreement on the dates indicated:

         AMOUNT                               DATE                                 SIGNATURE OF BORROWER

I further understand and agree that:
                                                             I. INTEREST

Interest shall accrue from the beginning of the repayment period and shall be at the ANNUAL PERCENTAGE RATE OF
EIGHTEEN PERCENT (18%) of the unpaid balance.

                                                           II. REPAYMENT

(1)      I promise to repay $ _________ every month starting _____________________________ to Lenoir-Rhyne University until
         the balance is paid in full.
(2)      Upon my written request, the repayment period may start on a date earlier than the one indicated in paragraph II (I).

(3)      (A) I promise to repay the principal and interest over the course of the repayment period in equal monthly installments as
         determined by Lenoir-Rhyne University. I understand that if my monthly payment is not a multiple of $5, Lenoir-Rhyne
         University may round that payment to the next highest dollar amount that is a multiple of $5. (B) Lenoir-Rhyne University
         shall attach the schedule of repayments and the schedule will become part of the note.

(4)      If the monthly rate that would be established under paragraph II (I), or the total monthly repayment rate of principal and
         interest on all my loan notes is less than $30.00 per month, I shall repay the principal and interest on this loan at less than
         $30.00 per month (which includes both principal and interest).

(5)      Lenoir-Rhyne University may, upon my written request, reduce any scheduled repayments or extend the repayment period
         indicated in paragraph II (I), if, in its opinion, extend the repayment period indicated in paragraph II (I), if, in its opinion,
         extraordinary circumstances, such as prolonged illness or unemployment, prevent me from making the scheduled
         repayments. However, interest shall continue to accrue.

                                                         III. PREPAYMENT

(1)      I may, at my option and without penalty, prepay all or any part of the principal, plus the accrued interest thereon, at anytime.

(2)      If I repay more than the amount due for any installment, the excess will be used to prepay principal unless I designate it as an
         advance payment against the next regular installment.

                                                            IV. DEFAULT

(1)      Lenoir-Rhyne University may at its option, declare my loan to be in default and may demand immediate payment of the
         entire unpaid balance of the loan including principal, interest and late charges if I do not make a scheduled payment when it
         is due.

(2)      I understand and agree that if I default on my loan repayments, Lenoir-Rhyne University may disclose the fact that I have
         defaulted and other relevant information to credit bureau organizations.
                                                                    PROMISSORY NOTE
                                                                        Page 23

                                         V. CHANGE IN NAME, ADDRESS, TELEPHONE NUMBER
                                                 AND SOCIAL SECURITY NUMBER

I am responsible, and any endorser is responsible, for informing Lenoir-Rhyne University of any change or changes in name, address,
and telephone number or social security number. The change should be sent to: Student Accounts Office, Lenoir-Rhyne University,
P.O. Box 7164, Hickory, NC 28603.

                                                                     VI. LATE CHARGE

 (1)       Lenoir-Rhyne University may impose a late charge if I do not make a scheduled payment when it is due.

 (2)       No such late charge may exceed twenty (20) percent of my monthly, bimonthly or quarterly payment.

 (3)       (A)        Lenoir-Rhyne University may –

           I.         add the late charge to the principal the day after the scheduled repayment was due, or
           II.        include it with the next scheduled repayment after I have received notice of the late charge.

           (B)        If Lenoir-Rhyne University elects to add the assessed charge to the outstanding principal of the loan, it must so
                      inform me before the due date of the next installment.


I (borrower/debtor) agree that if the (lender/creditor) considers it necessary to refer all or part of the unpaid principal or interest
evidenced by this note to any attorney or collection agency for collection, the (borrower/debtor) is liable for and shall pay the
(lender/creditor) the attorney’s fees and/or collection agency fees resulting from the referral. The (borrower/debtor) agrees to pay all
charges and other costs, including attorney fees, that are allowed by federal and state laws and regulations and that are necessary for
the collection of these amounts.

SUPPLY TO YOU AND ANY ENDORSER A COPY OF THE NOTE. (This note is signed as a sealed instrument.)

SIGNATURE                                                                                                      SEAL


Permanent Address (Street or Box Number, City, State and Zip)


Social Security Number*____________________________________Driver’s License No.__________________________________

The borrower and Lenoir-Rhyne University shall execute this note without security and without endorsement unless borrower is a
minor. If borrower is a minor at the time of making this note, Lenoir-Rhyne University shall require endorsement.

In consideration of the credit extended on the note, the undersigned jointly and severally guarantee the payment of the note and all
costs, expenses and attorney fees incurred with collection and enforcement. I (we) waive presentment, demand, protest and notice of
dishonor and of any renewal or extension of the note and consent to any such renewal or extension.

SIGNATURE OF COSIGNER_____________________________________                                          DATE____________________________________

Permanent Address (Street or Box Number, City, State and Zip)

Approved by:                                                                                        Date

*Disclosure of your social security number is voluntary, requested under the general authority of Lenoir-Rhyne University to perform efficiently its obligations as an
institution of higher education. Social security numbers disclosed will be used for the following purposes: (a) Financial management; (b) Discipline; (c) Maintenance
of student and employee records; (d) Financial Aid management; (e) Credit management including debt collection; (f) Preparation of I.D. cards for personal
identification purposes, as for admissions and registration functions; (g) Medical records management; (h) Traffic and parking enforcement; (I) Institutional Research.

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