Arizona Cashflow Club
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using this contract template seek legal advice from competent,
independent, legal counsel in the relevant jurisdiction. Due to
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recommend that you seek professional legal counseling before
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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 1st 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,
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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 Lender signature and date
_________________________________ _______________________________
Printed name Printed Name
_________________________________
Borrower #2 signature and date
_________________________________
Printed name
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