NEGOTIABLE PROMISSORY NOTE $___________ ________ County, ____ __________, 20___
After date, for value received, ________________________ (“ Makers”) promise to pay_____________________________________, or order, (collectively the “Holders”) the sum of $_____________ together with interest at the rate of ____ per cent (___%) per annum amortized over a period of _______ months with monthly payments of $____________ beginning on ______________, 20__ and continuing thereafter on the 1st of each month for a period of _______ months. Thereafter, a balloon payment in the amount of $_________________, constituting the unpaid principal and accrued interest, as detailed in the attached amortization chart, shall be immediately due and payable on or before ______________, 20___. Makers hereby acknowledge and understand that a substantial principal balance and accrued interest will remain outstanding at the time that final payment under this note is due and owing to Holders. Holders shall be under no obligation to refinance this note at any time. Further, Holders shall be under no obligation to extend this note at any time. Therefore, Makers may be required to make payment out of other assets which Makers may own or Makers may otherwise find it necessary to secure a loan from other sources. NOTE SECURED BY MORTGAGE: This not