Unsecured Promissory Note Form - Download as DOC

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Unsecured Promissory Note Form - Download as DOC Powered By Docstoc
					                               PROMISSORY NOTE

$[      ]

       FOR VALUE RECEIVED, the undersigned,                     (hereinafter, "Borrower")
promises to pay the principal sum of         Dollars and         Cents ($       .    ) to
the order of the Kansas Housing Resources Corporation (hereinafter, "Note Holder") with
interest at three percent (3%) per annum on the unpaid balance, payable as follows:

        In the event Borrower violates any terms or conditions of the Emergency Repair
Program (ERP), the undersigned shall pay Note Holder the entire principal of the loan in
one lump sum. Violations include, but are not limited to, failing to use the property as
Borrower’s primary residence, use of the property for investment or business purposes, or
use of false or misleading information in the application process. So long as Borrower
abides by all ERP requirements, no funds need be repaid.

        All payments received from Borrower shall be first applied to interest on the
principal sum and the balance of such payment applied on account of principal. All
installments of principal, and/or interest shall be payable in the form of a check or other
lawful money of the United States of America at such place as the Note Holder may
designate in writing.

        The notices required to be given to the Borrower shall be given at            or at
such other address as the Borrower shall direct by notice to the Note Holder hereof. All
notices to be given to the Note Holder shall be given at the Kansas Housing Resources
Corporation, 611 S. Kansas Avenue, Suite 300, Topeka, Kansas 66603-3803 or at such
other address as it shall direct by notice to the Borrower. All notices shall be in writing
and given by certified mail, return receipt requested.

       Except as herein before provided, the makers of the Note and all other persons
who may become liable for the payment do hereby severally waive presentment and
demand for payment, notice of non-payment protest and notice of protest and any and all
lack of diligence or delays in collection which may occur. The Note Holder may
rearrange, adjust and extend the times and amounts of payment of interest and or
principal of the Note by agreement.

        This Note is secured by a Mortgage filed of record in            County, Kansas
dated         , 200  . Principal and interest are payable only upon default. Note Holder
shall be entitled to attorneys fees and costs as proscribed by a court of competent

       This Promissory Note is solely between the Note Holder and the Borrower and
cannot be assigned to or assumed by any other entity without the prior approval of the
Note Holder.

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Signed, sealed, and delivered this      day of       , 200   .



Printed Name:




                Norma Phillips, Deputy Director

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Description: Unsecured Promissory Note Form document sample