Cognovit Promissory Note - DOC by ReadyBuiltForms

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									COGNOVIT PROMISSORY NOTE

Amount: $______________

_________, ______ ________ __, 200_

FOR VALUE RECEIVED, ____________________ and ________________________ (collectively the “Maker”) promise to pay to the order of ____________________________________________________ (“Holder”), the principal sum of _______________________________________________ and ___/100 Dollars ($____________), together with interest at the rate of _____ per cent (____%) per annum. The principal sum and interest shall be payable pursuant to the attached payment schedule. Payments are to be made payable to "_____________________________" and forwarded to __________________________________________________________________. Maker shall have the right to pre-pay this Note in whole or in part at any time without penalty. The undersigned shall be in default under the terms of this Note, and this Note shall mature and become immediately due and payable, at the Holder’s option, without any demand or notice, which are hereby expressly waived, upon the occurrence of any of the following events which shall constitute a default hereunder: (i) failure by the Maker to pay any of the Liabilities when due; (ii) failure by the Maker to observe or perform any of the provisions of this Note or default by Maker under provisions of this Note or default by the Maker under the terms of any instrument pertaining to the Liabilities;; (iii) The making or furnishing by Maker to Holder of any representation, warranty, financial statement or other information in connection with this Note and/or any of the Liabilities which is materially false at the time it is delivered to Holder; (iv) dissolution of Maker, the commencement of any action or proceeding, judicial or otherwise, or against Maker for dissolution, Bankruptcy, receivership, trusteeship or other relief under any present or future State or Federal law; the issuance of a money judgment against the undersigned which is not satisfied within sixty (60) days or appealed; (v) The issuance of any attachment, garnishment, execution, federal tax levy, or other process or seizure against all or a substantial part of any of the Maker's property which proceeding shall not have been vacated, discharged, stayed or bonded pending appeal within sixty (60) days from the entry thereof; (vi) Holder shall deem itself insecure, in good faith, believing that the prospect of payment of the Liabilities or performance of this Agreement is impaired. Holder shall also be entitled to rec
								
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