Fill and Sign the Secured Promissory Note Form

PROMISSORY NOTE $ Amount of Note Date of Note Due Date _______________________, the undersigned, (hereinafter called "Maker"), promises to pay to _______________________ (hereinafter called "Lender"), or order, payable at _______________________, _______________________, ______________ _______________________ or such other place specified by Lender in writing, ___________ Thousand and No/100 Dollars ($___________.00) with interest thereon at the rate of _______ percent per annum from the date hereof until paid, payable as follow: [state terms of note, first payment, due date and final payment and other provisions]. Maker has Pledged, assigned or granted to Lender as collateral for payment of this liabili ty (hereinafter called "Obligation"), the following: [describe collateral] _______________________________________________________ (hereinafter called "Collateral"). Upon the happening of any of the following events, each of which shall constitute a default hereunder, the Obligation of the Maker to Lender shall become immediately due and pa yable at the option of Lender: (1) failure of any Obligor (which shall include each maker, endorser, surety and guarantor of this note) to perform any agreement hereunder or pay any obligation secured hereby when due; (2) death of any Obligor; (3) filing of any petition in bankruptcy by or against any Obligor; (4) application for appointment of a receiver for, making of a general assignment for t he benefit of creditors by, or insolvency of any Obligor, or (5) an Event of Default under any Security Agreement executed in connection herewith. Upon occurrence of any such event or at any time thereafter, Lender shall have the remedies of a secured party under Uniform Commercial Code of ______________ or real estate laws, as applicable to the security. All Obligors waive protest of this note. If this note is not paid when due, all Obligors agree to pay all costs and expenses of collection, including reasonable attorneys' fees and l egal expenses, all of which are secured by the Collateral. Any demand upon or notice to Maker shall be sufficiently served for all purposes if personally delivered or placed in the mail a ddressed to the address shown above or such other address as may be shown on Lender's records. PRESENTMENT for payment, demand, notice of dishonor, protest, notice of protest and any homestead or personal property exemption allowed by the constitutions or laws of any state are hereby waived by the undersigned. Failure by the holder hereof to exercise any option grante d it hereunder shall not constitute a waiver of future rights. The term "undersigned" as used herei n shall include all makers, co-makers, endorsers, sureties and guarantors hereof. THERE will be no pre-payment penalty on this Note. IF DEFAULT is made in the payment specified herein, or any part thereof, and such default shall continue for a period of 10 days, then the holder hereof may, at its option, de clare the whole sum then remaining unpaid immediately due and payable. Maker____________________________________