promise to pay

Document Sample
promise to pay Powered By Docstoc

___________, 20__

FOR VALUE RECEIVED, the undersigned promises to pay to ________________________ or order (hereinafter “Lender”) the sum of _______________________________________________________________. The unpaid principal balance shall earn interest at the rate of ten percent (10%) per annum. Interest in the amount of _________________ shall be payable monthly by the 10 day of each month beginning _______________. Interest shall be paid in arrears. All installment payments are to be applied first to the payment of interest then due and owing and the balance, if any, to be applied to the reduction of the principal debt.

Principal and interest shall be payable at ____________, __________________, Ohio or such other place as the note holder may designate in writing. Irrespective of the amortization period provided for in this Note, the entire principal sum plus accrued interest shall become due in a balloon payment twenty four months (24) from the date of this Note. This Note may be prepaid in part or in full without charge of any kind provided, however, no prepayment shall affect the obligation to continue to pay the regular installments required hereunder until the entire indebtedness has been paid. The mortgage securing this note shall be recorded within 30 days of the date hereon. The undersigned agrees to have Lender named as additional insured on the subject property within 30 days of the date hereon. At the option of _________________________, all obligations shall become immediately due and payable without notice or demand upon the occurrence of any of the following events of default: (a) failure of the undersigned to make payment when due of the principal (b) failure of the undersigned or any endorser or guarantor hereof to comply with the terms and conditions of this note and/or any obligations of the undersigned contained in any security agreement or device securing this note (c) death, dissolution, termination of existence, insolvency, business failure, appointment of a receiver for the undersigned or any property of the undersigned, assignment for the benefit of creditors or a commencement of any proceeding under any bankruptcy reorganization, arrangement or liquidation law, or if such proceedings are commenced by a creditor and remain dismissed for thirty days or )d) the institution of any garnishment proceedings by

attachment, levy or otherwise against any deposit balance maintained or any property deposited with any financial institution by the undersigned or any endorser or guarantor hereof. No delay or omission on the part of _____________________ in exercising any right hereunder shall operate as a waiver of such right or any other right under this note. A waiver on any one occasion shall not be construed as a bar to or waiver of any such right and/or remedy on any future occasion. This note shall be governed by and construed in accordance with the laws of the State of Ohio in all respects. The indebtedness evidenced by this note is secured by a Mortgage, dated __________________, 20__, and reference is made to the Mortgage for rights as an acceleration of the indebtedness evidenced by this note. This note was executed in _______________________, _____________ County, Ohio.

______________________________ By:


Shared By:
Tags: note, real, estate
Description: real estate promissory note to pay