SECURED PROMISSORYNOTE
$
Date:
FORVALUERECEIVED,
,
hereinafter“Maker”promisestopayto
,
hereinafter“Holder”ororderat
,
orothersuchplaceasmaybedesignatedbytheHolderfromtimetotime,theprincipalsumof
Dollars ($ ),with
interestthereonfrom dayof ontheunpaidprincipalattherateof percent ( %)
perannumasfollows:
1.INSTALLMENTPAYMENTS:Makershallpay, (checkone)
a.☐NOINSTALLMENTS. Noinstallmentpaymentsarerequired.
b. ☐PRINCIPALandINTERESTINSTALLMENTSof
Dollars ($).
c.☐INTERESTONLYPAYMENTSontheoutstandingprincipalbalance.
(Thefollowingmustbecompletedif“b”or“c”ischecked)
Theinstallmentpaymentsshallbeginonthe dayof ,
andshallcontinueonthe dayofeachsucceeding:(checkone)
☐calendarmonth☐thirdcalendarmonth☐sixthcalendarmonth☐twelfthcalendarmonth
☐Other:
2.DUEDATE:TheentirebalanceofthisNotetogetherwithanyandallinterestaccruedthereonshallbedueand payableinfullon dayof .
3.DEFAULT INTEREST: Aftermaturity, orfailuretomakeanypayment,anyunpaidprincipal shallaccrue interestattherateof percent( %)perannum(18%ifnotfilledin)ORthemaximum rateallowedby law,whicheverisless,duringsuchperiodofMaker’sdefaultunderthisNote.
4.ALLOCATION OFPAYMENTS: Eachpayment shallbecredited firsttoanylatechargedue,second to interest,andtheremaindertoprincipal.
5.PREPAYMENT: Maker mayprepayallorpartofthebalance owed under thisNoteatanytimewithout penalty.
6.CURRENCY: AllprincipalandinterestpaymentsshallbemadeinlawfulmoneyoftheUnitedStates.
7.LATECHARGE: IfHolderreceivesanyinstallmentpaymentmorethan days(15days
if not filled in) after its due date, then a late payment charge of $, or
percent
(_%)oftheinstallmentpayment(5%oftheinstallmentpaymentifneitherisfilledin)shallbeadded tothescheduledpayment.
8.DUEONSALE: (OPTIONAL-Not applicable unlessinitialedbyHolderandMakertothisNote) Ifthis Note is secured byaDeed ofTrust or anyother instrument securing repayment ofthis Note, theproperty described in such security instruments maynot be sold or transferred without theHolder’s consent. Upon breachofthisprovision,HoldermaydeclareallsumsdueunderthisNoteimmediatelydueandpayable,unless prohibitedby applicablelaw.
Maker(Initials)Holder(Initials)
9.ACCELERATION: IfMakerfailstomakeanypaymentowedunderthisNote,orifMakerdefaultsunderany DeedofTrustoranyotherinstruments securingrepaymentofthisNote,andsuchdefaultisnotcuredwithin days(30daysifnotfilledin)afterwrittennoticeofsuchdefault,thenHoldermay,atitsoption,
declarealloutstanding sumsowed onthisNotetobeimmediately dueandpayable, inaddition toanyother rightsorremedies thatHoldermayhaveundertheDeedofTrustorotherinstruments securing repayment of thisNote.
10. ATTORNEYS’ FEES AND COSTS: Maker shall payallcostsincurred byHolder in collecting sumsdue underthisNoteafteradefault,includingreasonableattorneys’fees,whetherornotsuitisbrought. IfMakeror HoldersuestoenforcethisNoteorobtainadeclaration ofitsrightshereunder,theprevailingpartyinanysuch proceeding shall be entitled to recover its reasonable attorneys’ fees and costs incurred in the proceeding (includingthoseincurredinanybankruptcyproceedingorappeal)fromthenon-prevailingparty.
11. WAIVER OFPRESENTMENTS: Maker waives presentment for payment, notice ofdishonor, protest and noticeofprotest.
12. NON-WAIVER: NofailureordelaybyHolderinexercisingHolder’srightsunderthisNoteshallbeawaiver ofsuchrights.
13. SEVERABILITY: If any clause or any other portion of this Note shall be determined to be void or unenforceable for anyreason, such determination shall notaffect thevalidity or enforceability ofanyother clauseorportionofthisNote,allofwhichshallremaininfullforceandeffect.
14. INTEGRATION: TherearenoverbalorotheragreementswhichmodifyoraffectthetermsofthisNote. This
NotemaynotbemodifiedoramendedexceptbywrittenagreementsignedbyMakerandHolder.
15. CONFLICTING TERMS:Intheeventofanyconflictbetween thetermsofthisNoteandthetermsofany
DeedofTrustorotherinstrumentssecuringpaymentofthisNote,thetermsofthisNoteshallprevail.
16. EXECUTION: EachMakerexecutesthisNoteasaprincipalandnotasasurety. Ifthereismorethanone
Maker,eachsuchMakershallbejointlyandseverallyliableunderthisNote.
17. COMMERCIAL PROPERTY: (OPTIONAL-Not applicableunlessinitialedbyHolderandMakertothis Note) Maker represents and warrants toHolder that thesums represented bythis Note arebeing used for business,investmentorcommercialpurposes,andnotforpersonal,familyorhouseholdpurposes.
Maker(Initials)Holder(Initials)
ORAL AGREEMENTS: ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, TO EXTENDCREDIT,ORTOFOREBEARFROMENFORCINGREPAYMENTOFA DEBTARENOT ENFORCEABLE UNDERLAW.
18. DEFINITIONS: ThewordMakershallbeconstrued interchangeably withthewordsBorrower orPayerand thewordHoldershallbeconstruedinterchangeably withthewordsLenderorPayee. InthisNote,singularand plural words shall be construed interchangeably asmaybeappropriate in thecontext and circumstances to whichsuchwordsapply.
19. ADDITIONALTERMSANDCONDITIONS: (checkone)
a.☐NONE OR
b. ☐Assetforthontheattached“ExhibitA”whichisincorporatedbythisreference.
(Note: Ifneitheraorb ischecked,thenoption“a”applies)
20. THISNOTEISSECUREDBY☐DEEDOFTRUST,☐MORTGAGE,☐ OF EVENDATE.
Maker(signatures) Holder(signatures)
Maker’saddressforallnoticesgivenbyHolderunderthisNote:
DONOTDESTROYTHISNOTE
WHEN PAIDthisoriginal Notetogether with theDeed ofTrustsecuring thesame, mustbesurrendered tothe
Trusteeforcancellationandretentionbeforeany reconveyancecanbeprocessed.