promissory note template - DOC by PastorGallo

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									                  Arizona Cashflow Club
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using this contract template seek legal advice from competent,
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recommend that you seek professional legal counseling before
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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 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: <legal description of property, should
   copy for the one listed on the deed>, secures the indebtedness evidenced by this
   Note. Its address is commonly known as <normal address>. The parcel number
   is <number shown on>.
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 _______________
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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
  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

             Initials __________ __________ Date _______________
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