**************************************** Form: CH14_01 **************************************** AUTHORIZATION OF LOAN AT SPECIFIC TERMS It was announced that the officers of the corporation have received a loan commitment from the following bank, trust company or other financial institution on the following terms: Name of Lender: __________ Loan Amount: $__________ Terms of the Loan:
It was resolved that the proposed terms of the loan are fair and reasonable to the corporation and that it would be in the best interests of the corporation to borrow the funds on the terms stated above. It was further resolved that the following officers are authorized to execute the notes and documents on behalf of the corporation necessary to effect the above loan: Officer Name Title ____________________ ____________________ ____________________ ____________________ ____________________ ____________________ **************************************** Form: CH14_02 **************************************** AUTHORIZATION OF MAXIMUM LOAN ON GENERAL TERMS It was resolved that it was in the best interests of the corporation to borrow up to the following amount of funds from the following bank, trust company or other financial institution: Name of Lender: __________ Loan Amount: $__________ The following officers were authorized to sign the appropriate notes and documents on behalf of the corporation necessary to borrow an amount that does not exceed the amount noted above on terms reasonable to the corporation: Officer Name Title ____________________ ____________________ ____________________ ____________________ ____________________ ____________________
**************************************** Form: CH14_03 **************************************** UNLIMITED AUTHORIZATION OF LOANS FOR BUSINESS NEEDS It was resolved that the following officers of the corporation are authorized to borrow on behalf of the corporation from one or more banks or other financial institutions such amounts as they decide are reasonably necessary to meet the needs of the business of the corporation: Officer Name Title ____________________ ____________________ ____________________ ____________________ ____________________ ____________________ **************************************** Form: CH14_04 **************************************** AUTHORIZATION OF LINE OF CREDIT It was resolved that it would be in the best interests of the corporation to obtain a line of credit for borrowing funds from __________. The following officers were authorized to complete all necessary forms, documents and notes, and to pledge as security corporate assets, necessary to obtain and utilize the line of credit: Officer Name Title ____________________ ____________________ ____________________ ____________________ ____________________ ____________________ It was further decided that the authority granted by this resolution be limited and that the officers not be allowed to borrow funds against the line of credit that exceed __________. **************************************** Form: CH14_05 **************************************** AUTHORIZATION OF LINE OF CREDIT WITH CAP ON EACH TRANSACTION It was resolved that it would be in the best interests of the corporation to obtain a line of credit for the borrowing of funds from __________.
The following officers were authorized to complete all necessary forms, documents and notes necessary to obtain and utilize the line of credit to allow borrowing by the corporation in an aggregate amount that does not exceed $__________: Officer Name Title ____________________ ____________________ ____________________ ____________________ ____________________ ____________________ [ ] (OPTIONAL) It was further resolved that the amount borrowed under the line of credit in one transaction shall not exceed __________ unless any excess amount is specifically approved by further resolution of the board of directors.] **************************************** Form: CH14_06 **************************************** AUTHORIZATION OF LOAN TERMS SECURED BY CORPORATE PROPERTY It was resolved that the following officers of the corporation are authorized to borrow the sum of $__________ on behalf of the corporation from __________: Officer Name Title ____________________ ____________________ ____________________ ____________________ ____________________ ____________________ The above officers are authorized to execute a promissory note for the above amount under the following terms together with a mortgage, deed of trust or security agreement and other documents necessary to secure payment of the note with the pledge of the following property: Property Used as Security for Note:
Terms of Note:
**************************************** Form: CH14_07 **************************************** RESOLUTION APPROVING LOAN TO CORPORATION It was resolved that it is in the best interests of the corporation to borrow the following amount(s) from the following individuals: Amount Name of Lender $________________ __________________________ $________________ __________________________ The terms of __________ loan were included in a promissory note presented for approval at the meeting. The board determined that these terms were commercially reasonable. The board also determined that corporate earnings should be sufficient to pay back the loan(s) to the lender(s) according to the terms in the note(s) and that such repayment would not jeopardize the financial status of the corporation. Therefore, the board approved the terms of __________ note and directed the treasurer to sign __________ note on behalf of the corporation. The secretary was directed to attach a copy of __________ note, signed by the treasurer, to this resolution and to place the resolution and attachment(s) in the corporate records book. **************************************** Form: CH14_08 Promissory Note: Installment Payments of Principal and Interest (Amortized Loan) **************************************** PROMISSORY NOTE Installment Payments of Principal and Interest (Amortized Loan) For Value Received, __________, the borrower, promises to pay to the order of __________, the noteholder, the principal amount of $__________, together with simple interest on the unpaid principal balance from the date of this note until the date this note is paid in full, at the annual rate of __________%. Payments shall be made at __________________________________________. Principal and interest shall be paid in equal installments of $__________, beginning on __________, 20__, and continuing on ____________________________ until the principal and interest are paid in full. Each
payment on this note shall be applied first to accrued but unpaid interest and the remainder shall be applied to unpaid principal. This note may be prepaid by the borrower in whole or in part at any time without penalty. This note is not assumable without the written consent of the noteholder, which consent shall not be unreasonably withheld. This note is nontransferable by the noteholder. If any installment payment due under this note is not received by the noteholder within [number of days] of its due date, the entire amount of unpaid principal and accrued but unpaid interest due under this note shall, at the option of the noteholder, become immediately due and payable without prior notice from the noteholder to the borrower. In the event of a default, the borrower shall be responsible for the costs of collection, including, in the event of a lawsuit to collect on this note, the noteholder's reasonable attorney fees as determined by a court hearing the lawsuit. Date of Signing: _____________________ Name of Borrower: ____________________ Address of Borrower: ____________________ City or County and State Where Signed: __________ Signature of Borrower: ____________________, Treasurer on Behalf of __________ **************************************** Form: CH14_09 Promissory Note: Installment Payments of Principal and Interest (Amortized Loan) Secured by Corporate Property **************************************** PROMISSORY NOTE Installment Payments of Principal and Interest (Amortized Loan) Secured by Corporate Property For Value Received, __________, the borrower, promises to pay to the order of __________, the noteholder, the principal amount of $__________, together with simple interest on the unpaid principal balance from the date of this note until the date this note is paid in full, at the annual rate of __________%. Payments shall be made at ________________________________________. Principal and interest shall be paid in equal installments of $__________, beginning on __________, 20__, and continuing on __________ until the principal and interest are paid in full. Each payment on this note
shall be applied first to accrued but unpaid interest and the remainder shall be applied to unpaid principal. This note may be prepaid by the borrower in whole or in part at any time without penalty. This note is not assumable without the written consent of the noteholder, which consent shall not be unreasonably withheld. This note is nontransferable by the noteholder. If any installment payment due under this note is not received by the noteholder within __________ of its due date, the entire amount of unpaid principal and accrued but unpaid interest due under this note shall, at the option of the noteholder, become immediately due and payable without prior notice from the noteholder to the borrower. In the event of a default, the borrower shall be responsible for the costs of collection, including, in the event of a lawsuit to collect on this note, the noteholder's reasonable attorney fees as determined by a court hearing the lawsuit. Borrower agrees that until such time as the principal and interest owed under this note are paid in full, the note shall be secured by the following described mortgage, deed of trust, or security agreement:
Date of Signing: _____________________ Name of Borrower: ____________________ Address of Borrower: ____________________ City or County and State Where Signed: __________ Signature of Borrower: ____________________, Treasurer on behalf of __________ **************************************** Form: CH14_10 Promissory Note: Installment Payments of Principal and Interest (Amortized Loan) with Balloon Payment **************************************** PROMISSORY NOTE Installment Payments of Principal and Interest (Amortized Loan) with Balloon Payment For Value Received, __________, the borrower, promises to pay to the order of __________, the noteholder, the principal amount of $__________, together with simple interest on the unpaid principal balance from the date
of this note until the date this note is paid in full, at the annual rate of __________%. Payments shall be made at __________________________________________________. Principal and interest shall be paid in equal installments of $__________, beginning __________, 20__, and continuing on the __________, except that a final payment of the remaining unpaid principal amount, together with all accrued but unpaid interest, shall be paid on __________. Each payment on this note shall be applied first to accrued but unpaid interest and the remainder shall be applied to unpaid principal. This note may be prepaid by the borrower in whole or in part at any time without penalty. This note is not assumable without the written consent of the noteholder, which consent shall not be unreasonably withheld. This note is nontransferable by the noteholder. If any installment payment due under this note is not received by the noteholder within ___ [number of days] of its due date, the entire amount of unpaid principal and accrued but unpaid interest due under this note, shall, at the option of the noteholder, become immediately due and payable without prior notice from the noteholder to the borrower. In the event of a default, the borrower shall be responsible for the costs of collection, including, in the event of a lawsuit to collect on this note, the noteholder's reasonable attorney fees as determined by a court hearing the lawsuit. Date of Signing: _____________________ Name of Borrower: ____________________ Address of Borrower: ____________________ City or County and State Where Signed: __________ Signature of Borrower: ____________________, Treasurer on Behalf of __________ **************************************** Form: CH14_11 Promissory Note: Periodic Payments of Principal and Interest with Lump Sum Principal Payment **************************************** PROMISSORY NOTE Periodic Payments of Interest with Lump Sum Principal Payment For Value Received, __________, the borrower, promises to pay to the order of __________, the noteholder, the
principal amount of $__________, together with simple interest on the unpaid principal balance from the date of this note until the date this note is paid in full, at the annual rate of __________%. Payments shall be made at __________________________________________________. Interest shall be paid in equal installments of __________, beginning on __________, 20__, and continuing on the __________ until __________, on which date the entire principal amount, together with total accrued but unpaid interest, shall be paid by the borrower. This note may be prepaid by the borrower in whole or in part at any time without penalty. This note is not assumable without the written consent of the noteholder, which consent shall not be unreasonably withheld. This note is nontransferable by the noteholder. If any installment payment due under this note is not received by the noteholder within __________ of its due date, the entire amount of unpaid principal and accrued but unpaid interest due under this note shall, at the option of the noteholder, become immediately due and payable without prior notice from the noteholder to the borrower. In the event of a default, the borrower shall be responsible for the costs of collection, including, in the event of a lawsuit to collect on this note, the noteholder's reasonable attorney fees as determined by a court hearing the lawsuit. Date of Signing: _____________________ Name of Borrower: ____________________ Address of Borrower: ____________________ City or County and State Where Signed: __________ Signature of Borrower: ____________________, Treasurer on Behalf of __________ **************************************** Form: CH14_12 Promissory Note: Lump Sum Payment of Principal and Interest at Specified Date **************************************** PROMISSORY NOTE Lump Sum Payment of Principal and Interest at Specified Date For Value Received, __________, the borrower, promises to pay to the order of __________, the noteholder, the principal amount of $__________, together with simple
interest on the unpaid principal balance from the date of this note until the date this note is paid in full, at the annual rate of __________%. Payments shall be made at __________________________________________________. The entire principal amount of the loan, together with total accrued but unpaid interest, shall be paid by the borrower on __________. Any payment made by the borrower prior to the due date specified above shall be applied first to accrued but unpaid interest and the remainder shall be applied to unpaid principal. This note may be prepaid by the borrower in whole or in part at any time without penalty. This note is not assumable without the written consent of the noteholder, which consent shall not be unreasonably withheld. This note is nontransferable by the noteholder. In the event of a default, the borrower shall be responsible for the costs of collection, including, in the event of a lawsuit to collect on this note, the noteholder's reasonable attorney fees as determined by a court hearing the lawsuit. Date of Signing: _____________________ Name of Borrower: ____________________ Address of Borrower: ____________________ City or County and State Where Signed: __________ Signature of Borrower: ____________________, Treasurer on Behalf of __________ **************************************** Form: CH14_13 Promissory Note: Lump Sum Payment of Principal and Interest on Demand by Borrower **************************************** PROMISSORY NOTE Lump Sum Payment of Principal and Interest on Demand by Borrower For Value Received, __________, the borrower, promises to pay to the order of __________, the noteholder, the principal amount of $__________, together with simple interest on the unpaid principal balance from the date of this note until the date this note is paid in full, at the annual rate of __________%. Payments shall be made at __________________________________________________. The entire principal amount of the loan, together with accrued but unpaid interest, shall be paid within
__________ of receipt by the corporation of a demand for repayment by the noteholder. A demand for repayment by the noteholder shall be made in writing and shall be delivered or mailed to the borrower at the following address: ________________________________________. If demand for repayment is mailed, it shall be considered received by the borrower on the third business day after the date when it was deposited in the U.S. mail as registered or certified mail. Any payment made by the borrower prior to the due date specified above shall be applied first to accrued but unpaid interest and the remainder shall be applied to unpaid principal. This note may be prepaid by the borrower in whole or in part at any time without penalty. This note is not assumable without the written consent of the noteholder, which consent shall not be unreasonably withheld. This note is nontransferable by the noteholder. In the event of a default, the borrower shall be responsible for the costs of collection, including, in the event of a lawsuit to collect on this note, the noteholder's reasonable attorney fees as determined by a court hearing the lawsuit. Date of Signing: _____________________ Name of Borrower: ____________________ Address of Borrower: ____________________ City or County and State Where Signed: __________ Signature of Borrower: ____________________, Treasurer on Behalf of __________ **************************************** Form: CH14_14 Promissory Note: Variable Schedule of Payments of Principal and Interest **************************************** PROMISSORY NOTE Variable Schedule of Payments of Principal and Interest For Value Received, __________, the borrower, promises to pay to the order of __________, the noteholder, the principal amount of $__________, together with simple interest on the unpaid principal balance from the date of this note until the date this note is paid in full, at the annual rate of __________%. Payments shall be made at __________________________________________________. Principal and interest shall be paid as follows:
The borrower shall make a final payment in the amount of all remaining principal and all accrued but unpaid interest on ____________________. This note may be prepaid by the borrower in whole or in part at any time without penalty. This note is not assumable without the written consent of the noteholder, which consent shall not be unreasonably withheld. This note is nontransferable by the noteholder. If any installment payment due under this note is not received by the noteholder within __________ of its due date, the entire amount of unpaid principal and accrued but unpaid interest of the loan shall, at the option of the noteholder, become immediately due and payable without prior notice by the noteholder to the borrower. In the event of a default, the borrower shall be responsible for the costs of collection, including, in the event of a lawsuit to collect on this note, the noteholder's reasonable attorney fees as determined by a court hearing the lawsuit. Date of Signing: _____________________ Name of Borrower: ____________________ Address of Borrower: ____________________ City or County and State Where Signed: __________ Signature of Borrower: ____________________, Treasurer on Behalf of __________