Fill and Sign the Secured Promissory Note with Monthly Installment Payments Kansas Form

PROMISSORY NOTE Borrower: ______________________________ Address: _________________________ _________________________ ____________________ [All signators are collectively referred to as Borrower even if more than one signature appears below. Give the address of each signator.] Lender: ______________________________ Principal Amount of Debt: $ _________ Interest Rate: __________ % per annum Date of This Note: ____________________ Maturity Date: ____________________ 1. Promises to Lender. Borrower promises to pay to the order of ______________________________ ("Lender"), at Lender's address above, or such other address as Lender may direct, and __________ Dollars ( $ _________ ) plus any other sums Borrower may owe Lender, including future advances, plus interest at __________ % per annum. 2. Payment-year amortization schedule, in equal monthly terms. Borrower will repay Lender, based upon installments of $ __________ on the _____ day of each month, commencing on the __________ day of ____________________ , _____ . The unpaid balance of all principal and interest shall be due in full on ____________________ , _____ . If any payment is not received within ten (10) days after it is due, Borrower shall also pay Lender a late charge equal to five percent (5 %) of the amount of that payment. 3. Application of Payments. All payments received by Lender under this Note shall be applied by Lender first to the payment of any penalties, second to payment of taxes and insurance due on property securing this Note, third to the payment of interest, and fourth to the reduction of the remaining principal, including future advances. 4. Prepayment. Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower's obligation to continue to make payments under the payment schedule. Rather, they will reduce the principal balance due. 5. Default. Borrower will be in default if any of the following happens: (a) Borrower does not make a payment when due; (b) Borrower does not timely perform its duties or meet its obligations in this Note; (c) any warranty, representation, or statement made or furnished to Lender by or in behalf of Borrower is false in any material respect; (d) Borrower defaults under any other obligation to Lender; (e) for any other reason Lender deems itself insecure or the prospect of Borrower's performance, payment, or realization of collateral to be significantly impaired; or (f) any of the events described in this default section occurs with respect to any guarantor of this Note. Upon default, Lender may declare all sums owing to be immediately due, and Lender may take any other legal action to protect Lender's rights, but only after Lender first gives Borrower 10 days' prior written notice and opportunity to cure the default. 6. Security for This Note. This Note is secured by: ______________________________ a lien against certain real estate in ____________________ County, ____________________ , evidenced by a Mortgage dated ____________________ , __________ ; and a security interest in certain personal property as described in a Security Agreement dated ____________________ , _____ . 7. Right of Security. Borrower grants to Lender a contractual possessory security interest in, and hereby assigns, conveys, delivers, pledges, and transfers to Lender all of Borrower's right, title, and interest in and to Borrower's accounts with Lender (whether checking, savings, or some other account), including, without limitation, all accounts held jointly with someone else and all accounts Borrower may open in the future, excluding, however, all IRA, Keogh, and trust accounts. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on this Note against any and all such accounts. 8. Notices. All notices to Lender and Borrower shall be delivered to the address above or such other address as later designated. All notices required under this Note shall be made in writing and delivered either by (a) hand delivery, and considered delivered upon receipt, (b) telefacsimile, and considered delivered when confirmation of receipt is shown by the fax machine sending the notice, (c) certified or first class mail, and considered delivered on the third business day after mailing, or (d) nationally-recognized overnight delivery service, and considered delivered the next business day after the notice is deposited with that service for delivery. 9. Nonwaiver. Failure of Lender to enforce any rights under this Note shall not constitute a waiver, nor prevent Lender from fully enforcing its rights at a later date. 10. General Provisions. Borrower and any other person who sips, guarantees, or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, protest, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who sips this Note, whether as maker, guarantor, accommodation maker, or endorser, shall be released from liability. All such parties agree that Lender may: renew or extend (repeatedly and for any length of time) this loan, or release any party or guarantor or collateral; impair, fail to realize upon, or fail to perfect Lender's security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree that Lender may modify this Note without the consent of or notice to anyone other than the party with whom the modification is made. 11. Business Purpose. Borrower will use the money loaned under this Note for business purposes. 12. Costs of Collection. Except as otherwise provided by law, Borrower shall pay to Lender all reasonable costs of collection, including, but not limited to, court costs, attorneys' fees, and collection agency fees. 13. Governing Law and Venu. Borrower agrees that the laws of Kansas shall govern the interpretation and enforcement of this Note and that venue for any litigation arising under this Note shall only be in the District Court of ____________________ County, ____________________ , or if in federal court, only in the United States District Court for the District of Kansas sitting in 14. WAIVER OF JURY TRIAL. BORROWER AND LENDER WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING, COUNTERCLAIM, OR CROSS-CLAIM BROUGHT BY ANY PARTY AGAINST THE OTHER IN ANY MATTER ARISING OUT OF, OR IN ANY WAY RELATED TO, THE TRANSACTION INVOLVED IN THIS NOTE. ________________________________ [Name of Individual Borrower] ______________________________ ________________________________ [Name of Individual Borrower] ______________________________ ________________________________ [NAME OF BORROWER] ______________________________ Name: ________________________________ Title: ______________________________