Promissory Note Secured by Real Property

Promissory Note secured by Real Property with a Fixed Interest Rate and Installment Payments in Connection with a Purchase of a Business

(Date)

(City and State where Note Executed)

Whereas, , hereinafter called
Promisor, is purchasing a Business from , hereinafter called
Promisee, located at ; and

Whereas, a portion of the purchase price for said Business is secured by that certain lot
and building (the Property) located at ; and

Whereas, the purpose of the Note is to evidence the debt secured by said Property;

Now, therefore, for a good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, Promisor agrees to the following terms of this instrument as
follows:

The undersigned Promisor does hereby promise to pay Promisee the principal sum of
$ together with interest thereon from the date of this instrument at the
rate of Percent %) per annum on the unpaid balance until paid. The said
principal and interest shall be payable at
, or at
such other place as Promisee may designate in writing, in consecutive
monthly installments of $. The first of said installments shall be due and
payable on the (date), and each subsequent monthly installment shall be
due and payable on the first day of each succeeding month thereafter until the entire
indebtedness evidenced by this Note is fully paid, except any remaining indebtedness, if not
sooner paid, shall be due and payable on (date).

Promisor may prepay the principal amount outstanding in whole or in part without
penalty. Promisee may require that any partial prepayments (a) be on the date monthly
installments are due, and (b) be in the amount of that part of one or more monthly installments
which would be applicable to principal.

Promisor further promise to pay the Promisee a late charge of Percent
(%) of any monthly installment not received by Promisee within days after the
installment is due.

It is agreed that in the event default is made in the payment of this Note at maturity, or of
any installment thereof, whether maturing by expiration of time, by default as herein provided, or
as provided in the Deed of Trust given in security hereof, and the same is placed in the hands of
an attorney for collection, then an additional amount of Percent (%) on the
Principal and interest of this Note shall be added to the same as a collection fee, and the failure
to pay any installment when due shall mature the entire indebtedness at the option of the
Promisee.

This Note is to be secured by a Deed of Trust on certain real estate located at
as further described in said Deed of Trust.

Witness my signature this (date).

(Printed Name & Signature of Promisor)