Fill and Sign the Pa Promissory Note Form

Pennsylvania Promissory Note on Pre-Existing and New Indebtedness (Fixed Rate, Installment Payments) _______________, 20_____ _______________________ ___________ (Date) (City) (State) ______________________________________________________________________ (Property Address) Whereas the undersigned Borrower, ________________ (Name of Borrower) , has been loaned by _______________________ (Name of Lender) , from time to time, the sum of $__________________ without collateral for said loans; and Whereas, ________________ (Name of Borrower) , hereinafter called Borrower has requested an additional loan of $__________, but still owes $______________ on said previous loans; and Whereas, Lender is unwilling to loan Borrower the additional sum loan of $__________ without sufficient collateral for the new loan and all other indebtedness owed by Borrower to Lender which totals $___________ and is hereinafter called the Indebtedness or the Principal ; and Whereas, Borrower and Lender have agreed that sufficient collateral will be the residence owned by Borrower at ___________________________________________ ___________________________ (street address, city, state, zip code) , which is more particularly described in the Mortgage covering said property; Now, therefore, for and in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. BORROWER’S PROMISE TO PAY In return for the loans that I, the undersigned Borrower, have received, I promise to pay the Indebtedness of U.S. $____________________ to the order of the Lender, __________________ (Name of Lender) . I will make all payments under this Note in the form of cash, check, certified funds or money order at the option and direction of Lender. I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the Note Holder . 2. INTEREST Interest will be charged on unpaid Principal until the full amount of the Indebtedness of $_________________ has been paid. I will pay interest on said Indebtedness at a yearly rate of _________ %. The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 6(C) of this Note. 3. PAYMENTS A. Time and Place of Payments I will pay Principal and interest by making a payment every month. I will make my monthly payment on the _____ day of each month beginning on _____________ (date) . I will make these payments every month until I have paid all of the Principal and interest and any other charges described below that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date and will be applied to interest before Principal. If, on _______________________ (Month, Day, and Year) , I still owe amounts under this Note, I will pay those amounts in full on that date, which is called the Maturity Date. I will make my monthly payments at _______________________________ ____________________ (street address, city, state, zip code) , or at a different place if required by the Note Holder. B. Amount of Monthly Payments My monthly payment will be in the amount of U.S. $________________. 4. BORROWER’S RIGHT TO PREPAY I have the right to prepay the Principal amount outstanding in whole or in part without penalty. The holder of this Note may require that any partial prepayments (i) be on the date monthly installments are due, and (ii) be in the amount of that part of one or more monthly installments which would be applicable to Principal. 5. LOAN CHARGES If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (i) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (ii) any sums already collected from me which exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the Principal I owe under this Note or by making a direct payment to me. If a refund reduces Principal, the reduction will be treated as a partial prepayment. 6. BORROWER’S FAILURE TO PAY AS REQUIRED A. Late Charge for Overdue Payments and Receipt of Payments I further promise to pay the holder of this Note a late charge of ____% of any monthly installment not received by the Noteholder within _______ (number) days after the installment is due. I will pay this late charge promptly but only once on each late payment. In no event will the late charge exceed the maximum amount allowed by the applicable state law. Payments to the Note Holder shall not be considered made until received by the Note Holder at the address specified. Mailing is insufficient to constitute delivery to the Note Holder. B. The number of days required for payment of a late charge shall not be considered as a grace period for the payment date required under this Note and the Borrower shall be default if the payment is not paid on the due date. C. Default If I do not pay the full amount of each monthly payment on the date it is due, I will be in default. D. Notice of Default If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of Principal which has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is mailed to me or delivered by other means. E. No Waiver By Note Holder Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time. F. Payment of Note Holder’s Costs and Expenses If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorneys’ fees. 7. GIVING OF NOTICES Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the Note Holder a notice of my different address. Any notice that must be given to the Note Holder under this Note will be given by delivering it or by mailing it by first class mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice of that different address. 8. OBLIGATIONS OF PERSONS UNDER THIS NOTE If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note Holder may enforce its rights under this Note against each person individually or against all of us together. This means that any one of us may be required to pay all of the amounts owed under this Note. 9. WAIVERS I and any other person who has obligations under this Note waive the rights of presentment and notice of dishonor. Presentment means the right to require the Note Holder to demand payment of amounts due. Notice of dishonor means the right to require the Note Holder to give notice to other persons that amounts due have not been paid. 10. SECURED NOTE In addition to the protections given to the Note Holder under this Note, a Mortgage, (the Security Instrument ), dated the same date as this Note, protects the Note Holder from possible losses which might result if I do not keep the promises which I make in this Note. That Security Instrument describes how and under what conditions I may be required to make immediate payment in full of all amounts I owe under this Note. WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED (Seal) __________________________________________ (Printed Name of Borrower) __________________________________________ (Signature of Borrower) (Seal) __________________________________________ (Printed Name of Borrower) __________________________________________ (Signature of Borrower)