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Promissory Note Form Oklahoma

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Promissory Note Form Oklahoma document sample

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									                                  PROMISSORY NOTE

Date:                   ________________________________

Borrower:               Baptist General Convention of Oklahoma

Borrower’s Address:     3800 North May Avenue

                        Oklahoma City, Oklahoma 73112

Payee:                  ________________________________

Place for Payment:      ________________________________

                        ________________________________

Principal Amount:       $_______________________________

Term:                   ________________________ (months)




INTEREST RATE: Annual interest rate on unpaid amounts shall be 5%.

PAYMENT TERMS. This Note is due and payable as follows:

Quarterly interest only payments shall be paid by the Baptist General Convention of
Oklahoma to the Payee during the Term of this Promissory Note.

Unless Payee exercises Right of Demand, the Baptist General Convention of Oklahoma
shall return the Principal Amount, plus any accrued interest, at the scheduled end of
Term.

PAYEE’S RIGHT OF DEMAND. Upon demand and within five days of the end of the
current quarter, the Baptist General Convention of Oklahoma shall repay any or all
loaned funds, plus accrued interest, as requested by the Payee.

BORROWER’S RIGHT OF PREPAYMENT. Borrower retains the right to pre-pay
any or all principal prior to the scheduled end of term.

PLACE FOR PAYMENT. Borrower promises to pay to the order of Payee at the place
for payment and according to the terms for payment the principal amount plus interest at
the rates stated above.

FORM OF PAYMENT. By check from the Baptist General Convention of Oklahoma
to the Payee.
PAYMENT ON DEATH. Should Payee predecease the term of this Note, any unpaid
loan funds, plus accrued interest is to be paid to the following within 5 days of receipt of
proof of Payee’s death:

Name(s):

                                                                      Percent:




CONSTRUCTION. The pronouns used herein shall include, where appropriate, either
gender or both, singular and plural.

GOVERNING LAW. This Note shall be governed, construed and interpreted by,
through and under the Laws of the State of Oklahoma.

Borrower is responsible for all obligations represented by this Note.



Signed: __________________________________ Date: ________________________




EXECUTED this __________ day of _______________________, 20_____.

By: ___________________________________

Ron L. Fannin, Senior Associate Executive Director

								
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