Fill and Sign the Promissory Note with Acknowledgment Form

Promissory Note - Long Form $__________.00 [City, State] ________, _______ [Date] __________, 20___ FOR VALUE RECEIVED, the undersigned [Borrowers] ___________________, and ____________________ do hereby jointly and severally promise to pay to [Lender] ___________________, or order, the principal sum of __________________________ Dollars ($_________), together with interest thereon from date at the rate of _____ Percent (____%) per annum on the unpaid balance until paid. The said principal and interest shall be payable at [street address, city, state, zip code] ___________________ _________________________________________________, or at such other place as the holder hereof may designate in writing, in [number] _____________ (____) consecutive monthly installments of _____________________________________ and _____/100 Dollars ($____________). The first of said installments shall be due and payable on the first day of [month, year] ___________, 20___, 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] _______________, 20____. All payments shall be applied firstly to payment of interest and the balance, if any, to principal. The undersigned may prepay the principal amount outstanding in whole or in part without penalty all payments shall be applied firstly to payment of interest and the balance, if any, to principal. The undersigned further promise to pay the holder of this Note a late charge of ______ Percent (___ %) of any monthly installment not received by the Noteholder within fifteen (15) 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 holder of this Note. In addition to default in payment as set forth above, this Note shall, at the option of any holder, be immediately due and payable upon the occurrence of any of the following: 1. The failure to make any payment due hereunder within_____ days of its due date. 2. The breach of any term or condition of any security agreement, mortgage or guarantee given as collateral security for this Note. 3. The breach of any condition or term of any security agreement or mortgage, if any, having any priority over any security agreement or mortgage on collateral given, in whole or in part, as collateral security for this Note. 4. Upon the death, dissolution, insolvency or liquidation of the undersigned, or any endorser, guarantor or surety to this Note. 5. Upon the filing by the undersigned or any endorser, guarantor or surety of an assignment for the benefit of creditors, bankruptcy, or for relief under the provisions of any act respecting insolvency or the protection of debtors, or by suffering a petition in bankruptcy or receivership which is not vacated within ten days. The makers, signers, drawers, guarantors, sureties and endorsers hereof severally waive presentation for payment, demand, protest, diligence in collecting, notice of dishonor, notice of extension of time, and notice of protest or nonpayment. This Note is to be secured by a Deed of Trust on certain real estate located in [County] ___________ County, [State] ____________, as described in said Deed of Trust. WITNESS OUR SIGNATURES, as of the day and date first above named. ___________________________ __________________________ [BORROWER] [BORROWER] (Acknowledgment form may vary by state) STATE OF __________________ COUNTY OF __________________ Personally appeared before me, the undersigned authority in and for the said County and State, on this ______ day of ____________, 20___, within my jurisdic tion, the within-named ____________________ [BORROWER] and wife/husband, ____________________ , [BORROWER] who acknowledged that they executed the above and foregoing instrument. ________________________________ NOTARY PUBLIC My Commission Expires: ____________________