**************************************** Form: CH15_01 **************************************** APPROVAL OF CORPORATE LOAN TO INSIDER It was resolved that the __________ approved the following loan to the following person under the following terms: Name and Title of Borrower: __________ Principal Amount of Loan: $__________ Rate of Interest: __________% Term of Loan: __________ Payment Schedule:
It was further resolved that the above loan could reasonably be expected to benefit the corporation and that the corporation would be able to make the loan payments without jeopardizing its financial position, including its ability to pay its bills as they become due. It was further resolved that the loan approved by the board was being made solely in connection with the performance of services rendered (or to be rendered) the corporation by the borrower and, in particular, as a reward for increasing the productivity of the corporation during the preceding fiscal _____ year(s) in her position as __________. **************************************** Form: CH15_02 Promissory Note: Monthly Installment Payments of Principal and Interest (Amortized Loan) **************************************** PROMISSORY NOTE Monthly Installment Payments of Principal and Interest (Amortized Loan) For Value Received, __________, the borrower(s), promise(s) 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(s) 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(s). In the event of a default, the borrower(s) 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. If two persons sign below, each shall be jointly and severally liable for repayment of this note. Signature of Borrower #1: _____________________________ Name of Borrower #1: __________________________________ Address: ______________________________________________ City or County, State Where Signed: ___________________ Date of Signing: ______________________________________ Signature of Borrower #2: _____________________________ Name of Borrower #2: __________________________________ Address: ______________________________________________ City or County, State Where Signed: ___________________ Date of Signing: ______________________________________ **************************************** Form: CH15_03 Promissory Note: Installment Payments of Principal and Interest (Amortized Loan) Secured by Property **************************************** PROMISSORY NOTE Installment Payments of Principal and Interest (Amortized Loan) Secured by Property For Value Received, __________, the borrower(s), promise(s) 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(s) 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(s). In the event of a default, the borrower(s) 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. If two persons sign below, each shall be jointly and severally liable for repayment of this note. Borrower(s) agree(s) 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: Signature of Borrower #1: _____________________________ Name of Borrower #1: __________________________________ Address: ______________________________________________ City or County, State Where Signed: ___________________ Date of Signing: ______________________________________ Signature of Borrower #2: _____________________________ Name of Borrower #2: __________________________________ Address: ______________________________________________ City or County, State Where Signed: ___________________
Date of Signing: ______________________________________ **************************************** Form: CH15_04 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(s), promise(s) 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 __________, 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(s) 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(s). In the event of a default, the borrower(s) 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. If two persons sign below, each shall be jointly and severally liable for repayment of this note. Signature of Borrower #1: _____________________________
Name of Borrower #1: __________________________________ Address: ______________________________________________ City or County, State Where Signed: ___________________ Date of Signing: ______________________________________ Signature of Borrower #2: _____________________________ Name of Borrower #2: __________________________________ Address: ______________________________________________ City or County, State Where Signed: ___________________ Date of Signing: ______________________________________ **************************************** Form: CH15_05 Promissory Note: Periodic Payments of Principal and Interest with Lump Sum Principal Payment **************************************** PROMISSORY NOTE Periodic Payments of Principal and Interest with Lump Sum Principal Payment For Value Received, __________, the borrower(s), promise(s) 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 __________ until __________, on which date the entire principal amount, together with total accrued but unpaid interest, shall be paid by the borrower(s). This note may be prepaid by the borrower(s) 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 under this note shall, at the option of the noteholder, become immediately due and payable without prior notice by the noteholder to the borrower(s). In the event of a default, the borrower(s) 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. If two persons sign below, each shall be jointly and severally liable for repayment of this note. Signature of Borrower #1: _____________________________ Name of Borrower #1: __________________________________ Address: ______________________________________________ City or County, State Where Signed: ___________________ Date of Signing: ______________________________________ Signature of Borrower #2: _____________________________ Name of Borrower #2: __________________________________ Address: ______________________________________________ City or County, State Where Signed: ___________________ Date of Signing: ______________________________________ **************************************** Form: CH15_06 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(s), promise(s) 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(s) on __________. Any payment made under 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(s) 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(s) 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. If two persons sign below, each shall be jointly and severally liable for repayment of this note. Signature of Borrower #1: _____________________________ Name of Borrower #1: __________________________________ Address: ______________________________________________ City or County, State Where Signed: ___________________ Date of Signing: ______________________________________ Signature of Borrower #2: _____________________________ Name of Borrower #2: __________________________________ Address: ______________________________________________ City or County, State Where Signed: ___________________ Date of Signing: ______________________________________ **************************************** Form: CH15_07 Promissory Note: Lump Sum Payment of Principal and Interest on Demand by Noteholder **************************************** PROMISSORY NOTE Lump Sum Payment of Principal and Interest on Demand by Noteholder For Value Received, __________, the borrower(s), promise(s) 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 within __________ of receipt by the borrower(s) of demand for repayment by the noteholder. A demand for repayment by the noteholder shall be made in writing and delivered or mailed to the borrower(s) at the following address: ________________________________________. If demand for repayment is mailed, it shall be considered received by the borrower(s) 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 under 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(s) 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(s) 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. If two persons sign below, each shall be jointly and severally liable for repayment of this note. Signature of Borrower #1: _____________________________ Name of Borrower #1: __________________________________ Address: ______________________________________________ City or County, State Where Signed: ___________________ Date of Signing: ______________________________________ Signature of Borrower #2: _____________________________ Name of Borrower #2: __________________________________ Address: ______________________________________________ City or County, State Where Signed: ___________________ Date of Signing: ______________________________________ **************************************** Form: CH15_08 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(s), promise(s) 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(s) 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(s) 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(s). In the event of a default, the borrower(s) 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. If two persons sign below, each shall be jointly and severally liable for repayment of this note. Signature of Borrower #1: _____________________________ Name of Borrower #1: __________________________________ Address: ______________________________________________ City or County, State Where Signed: ___________________ Date of Signing: ______________________________________ Signature of Borrower #2: _____________________________ Name of Borrower #2: __________________________________ Address: ______________________________________________ City or County, State Where Signed: ___________________ Date of Signing: ______________________________________ **************************************** Form: CH15_09 **************************************** RELEASE OF PROMISSORY NOTE The undersigned noteholder, __________, in consideration of full payment of the promissory note dated __________ in the principal amount of $__________, hereby releases and discharges the borrower(s), __________, ________________________________________ from any claims or obligations on account of the note. Date: ____________________ Name of Noteholder: ____________________ By: ______________________________, Treasurer
Signature: ____________________________________