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Secured Promissory Note - Payments in Installments

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Secured Promissory Note - Payments in Installments Powered By Docstoc
					This is an agreement between a borrower and a lender for the repayment of a loan on a
secured basis. Under this particular agreement, the borrower is required to make
monthly installment payments for the amount specified. In addition, the borrower grants
the lender a security interest in certain property as described under "Schedule A" to
provide collateral for repayment. This agreement can be used by individuals or small
businesses that want to enter into a secured loan agreement that will be repaid with
monthly installment payments.
    SECURED PROMISSORY NOTE—PAYMENT IN INSTALLMENTS


AMOUNT: $_______________                                             DATE: ________________

INTEREST RATE: _________                                             DUE: _________________


       FOR VALUE RECEIVED, the undersigned ______________, hereby promises to pay to
the order of _____________________ (“Lender”) at _____________________________
(address) the principal sum ________________ dollars ($___) payable on demand, with interest
thereon at the rate of __________ percent (_____%) annually.

        PAYMENT SHALL BE MADE on the interest and on the capital to Lender in equal
installments of _______ dollars ($___) (amount) beginning on ______________ (date) and
continuing each month, exactly one month from the date of the last payment. Payments shall be
delivered to the address of Lender.

        THIS PROMISSORY NOTE is secured by an additional agreement executed by the
parties hereto on _______________ whereby the undersigned has pledged its/his/her interests in
certain assets and undertaken certain additional obligations, as are more fully set forth in
Schedule “A” attached hereto and incorporated herein by reference.

       NO COURSE OF DEALING between the undersigned and Lender or any delay on the
part of Lender in exercising any rights hereunder shall operate as a waiver of any rights of
Lender. All of the covenants, stipulations, promises, and agreements contained in this
Promissory Note made by or on behalf of the undersigned shall bind its heirs, executors,
administrators, successors, and assigns, whether or not so expressed.

        THE UNDERSIGNED MAY, at any time, without notice, bonus, or penalty, prepay or
cause to be prepaid the whole or any part of the principal amount remaining unpaid hereunder.

       THIS PROMISSORY NOTE shall be governed by the laws of the State of
________________, which laws shall be applicable to the interpretation, construction, and
enforcement hereof.

        IN THE EVENT OF payment of interest or any other amounts secured by this
Promissory Note, upon the bankruptcy or insolvency of the undersigned, upon the filing of a
petition in bankruptcy against the undersigned, or upon the making of a proposal in bankruptcy
by the undersigned, the whole of the monies (or any part thereof) secured by this Promissory
Note remaining unpaid shall, at the option of Lender, forthwith become due and payable and all
the powers in and by the Promissory Note or by law conferred in case of default shall become
exercisable.




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         THE UNDERSIGNED may, at any time, without notice, bonus, or penalty, prepay or
cause to be prepaid the whole or any part of the principal amount remaining unpaid hereunder.

         DATED this _____ day of ____________________, _______.


________________________________                            __________________________________
Witness:                                                    Debtor
Or, if Debtor is a Company,

                                                            COMPANY
                                                            Per:


                                                            __________________________________
                                                            Name:
                                                            Title:
                                                            I have authority to bind Company.




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                                               SCHEDULE “A”




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INFORMATION AND FORMS ARE PROVIDED "AS IS" WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND
INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROP
				
DOCUMENT INFO
Description: This is an agreement between a borrower and a lender for the repayment of a loan on a secured basis. Under this particular agreement, the borrower is required to make monthly installment payments for the amount specified. In addition, the borrower grants the lender a security interest in certain property as described under "Schedule A" to provide collateral for repayment. This agreement can be used by individuals or small businesses that want to enter into a secured loan agreement that will be repaid with monthly installment payments.
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