Fill and Sign the Promissory Note Secured by Real Property with a Fixed Interest Rate and Installment Payments in Connection with a Purchase of a Form

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, ___________________________ (Name of Promisor) , hereinafter called Promisor , is purchasing a Business from ________________________ (Name of Promisee) , hereinafter called Promisee , located at ____________________________________________ ________________________________ (street, address, city, county, state, zip code) ; and Whereas, a portion of the purchase price for said Business is secured by that certain lot and building (the Property ) located at ______________________________________________ _______________________________ (street, address, city, county, state, zip code) ; 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 (______.0%) per annum on the unpaid balance until paid. The said principal and interest shall be payable at ___________________________________________ _________________________________ (street, address, city, county, state, zip code) , or at such other place as Promisee may designate in writing, in ______ (number) 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 ____________________________________________________________________________ (street, address, city, county, state, zip code) as further described in said Deed of Trust. Witness my signature this _____________________ (date) . ___________________________________ (Printed Name & Signature of Promisor)