PURCHASE MONEY PROMISSORY NOTE
PRINCIPAL: $[principal amount] (the “Principal”) DATE: [date]
For value received, [Name(s) of Party(ies) making the note] (the “Maker”) [if more than one:
jointly and severally] promise to pay to [Name of Lender / Note Holder] (the “Holder”), or
order, the above-noted Principal, together with interest thereon or so much thereof as shall from
time to time remain unpaid at the rate of [INTEREST RATE] (___%) PER CENT per year, in
________ monthly installments of $###.## each, to be made on the ______ day of each and
every month, commencing on [insert first payment date] and continuing thereafter until [insert
last payment date], or until said Principal and interest have been paid in full, at [insert full
address of holder, including zip/post code] or at such other place as the holder hereof may
designate in writing from time to time.
All payments received on account of this Note shall be applied firstly to interest, secondly to
charges and fees payable hereunder, and lastly to the unpaid principal balance hereof.
This Note is a purchase money note give in payment and for the purchase of [insert description
of property being purchased]. To the extent that any provision in this Promissory Note conflicts
with the laws of ______________________ applicable to purchase money promissory notes,
then such provision shall be deemed to be modified to the extent so required by law.
Each Maker and endorser hereby severally waives all presentment, demand, protest, notice of
maturity, non-payment, protest or dishonor, and all requirements necessary to hold each of them
liable as Makers and endorsers and, should litigation be necessary to enforce this Note, each
Maker and endorser waives trial by jur