promissory note template

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Arizona Cashflow Club DISCLAIMER Arizona Cashflow Club is not providing legal counsel. Before using this contract template seek legal advice from competent, independent, legal counsel in the relevant jurisdiction. Due to the variances of many local, city, county and state laws, we recommend that you seek professional legal counseling before entering into any contract or agreement. Absolutely no warranties are made regarding the suitability of this contract template for any purpose. PROMISSORY NOTE For the amount of 41,000.00 (Forty One Thousand Dollars) Monday, August 21, 2006 1. PROMISE TO PAY. For value received, Joe Bob, (“Borrower”), does promise to pay to the order of Red Green Investments, LLC, (“Lender”), at the office of the Lender, or at such other place as Lender may designate in writing, the principal sum of Forty One Thousand Dollars ($41,000.00), together with interest of Six Hundred Dollars ($600.00) PER MONTH until total loan principal is repaid along with any additional sums that may be owing to the Lender from the Borrower. If note is not repaid by the 1 st of February 2007, the principal sum due will increase to Forty Two Thousand Dollars ($42,000). 2. SECURITY FOR NOTE. The Deed of Trust on the property located in MARICOPA County, State of Arizona: , secures the indebtedness evidenced by this Note. Its address is commonly known as . The parcel number is . 3. EVENTS OF DEFAULT. The Borrower shall be in default under this Note if the entire indebtedness evidenced by this Note is not paid by 5 pm MST on the 1st of September 2007. In the event of Default, the Borrower agrees that a default fee shall accrue at the amount of SEVENTY FIVE DOLLARS ($75) PER DAY from the date due until entire indebtedness including all default fees are paid. 4. PAYMENTS. Monthly interest payments are due on the 1st of each month and will be subject to a late fee of Fifty Dollars ($50) if received after the 1st. A weekly late fee of Fifty Dollars ($50) will be charged until all late payments and fees are paid in full. Partial payments may be made before note is due. Payments will be applied first to any fees due then interest due and then to principal. Interest payments due will be constant until total principal paid. A fee of Fifty Dollars ($50) will be assessed for checks returned by the bank without payment. 5. WAIVER. The rights and remedies of the Lender as provided in the Note shall be cumulative and concurrent, and may be pursued singly, successively, or together against Borrower and any other funds, property or security held by the Borrower for the payment hereof or otherwise at the sole discretion of the Lender. The failure to exercise any such right or remedy shall in no event be construed as a waiver or release of said rights or remedies or the rights to exercise them at any later time. 6. ATTORNEY’S FEES. Borrower and all persons liable or to become liable on the Note agree to pay all costs of collection when incurred, including reasonable attorney’s fees and all costs of suit or other proceedings of collection, in case the unpaid principal and interest under this Note, is not paid when due, whether through courts of original jurisdiction, courts of appellate jurisdiction, through bankruptcy court or in other legal proceedings. No extensions of time for the payment of this Note made by agreement with any other person now or hereafter liable for the payment of this Note shall operate to release, discharge, modify, Initials __________ __________ Date _______________ Page 2 of 3 change or affect the original liability under this Note, either in whole or part, of any of the undersigned not a party to such agreement. 7. SECCESSOR AND ASSIGNS. The words “Borrower” and “Lender” shall be deemed to include their respective heirs, personal representatives, successors and assigns. 8. APPLICABLE LAW. Except where preempted by laws of the United States, this Note shall be construed according to the laws of the State of Arizona. 9. INDEMINITY. Borrower shall indemnify, defend and hold Lender harmless from and against any and all claims, damages, losses, liability and expenses (including without limitation, attorney’s fees and court costs) due to or directly or indirectly arising out of this Note or Assignment. _________________________________ Borrower #1 signature and date _________________________________ Printed name _________________________________ Borrower #2 signature and date _________________________________ Printed name _______________________________ Lender signature and date _______________________________ Printed Name Initials __________ __________ Date _______________ Page 3 of 3

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