PROMISSORY NOTE (Balloon) Amount: $________ ______, _____ ______________, 20___
FOR VALUE RECEIVED, _________________ (“Borrower”) promises to pay to the order of ________________(“Lender”), the principal sum of _____________________ Dollars ($_____________). The principal sum shall be payable as follows: (a) ____________ Dollars ($___________) per month with the first payment due on ____________, 20___ and on the _____ of every month thereafter through ____________, 20___; and One (1) balloon payment of ____________________ Dollars ($____________) due and payable on ___________, 20___.
(b)
Payments are to be made payable to "___________________" and forwarded to ______________________________________________. Borrower 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 Lender’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 Borrower to pay any of the Liabilities when due; (ii) failure by the Borrower to observe or perform any of the provisions of this Note or default by Borrower under provisions of this Note or default by the Borrower under the terms of any instrument pertaining to the Liabilities; including, but not limited to, the Security Agreement executed this same date and any other loan documents executed in connection therewith; (iii) The making or furnishing by Borrower to Lender of any representation, warranty, financial statement or other information in connection with this Note or the Security Agreement and/or any of the Liabilities which is materially false at the time it is delivered to Lender; (iv) dissolution of Borrower, the commencement of any action or proceeding, judicial or otherwise, or against Borrower for dissolution, Bankruptcy, receivership, trusteeship or other relief under any present or future State or Federal law; the issuance of an attachment, levy or restraining order against the Collateral in the Security Agreement or 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 Bo