Tennessee installments fixed rate promissory note secured by residential real estate tennessee form
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Tennessee Fixed Rate Note, Installment Payments - Secured
PROMISSORY NOTE
(Fixed Rate, Installment Payments)
__________________________, _______ _______________________ ___________
[Date] [City] [State]
__________________________________________________________________________________
[Property Address]
1. BORROWER’S PROMISE TO PAY
In return for a loan that I have received, I promise to pay U.S. $____________________ (this amount is
called “principal”), plus interest, to the order of the Lender. The Lender is _______________________________
________________________________. I will make all payments under this Note in the form of cash, check,
certified funds or money order at the option and direction of Lender. I understand that the Lender may transfer this
Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this
Note is called the “Note Holder.”
2. INTEREST
Interest will be charged on unpaid principal until the full amount of principal has been paid. I will pay
interest at a yearly rate of _____________________ %. The interest rate required by this Section 2 is the rate I
will pay both before and after any default described in Section 6(B) of this Note.
3. PAYMENTS
(A) Time and Place of Payments
I will pay principal and interest by making a payment every month. I will make my monthly payment on
the _________ day of each month beginning on __________________, _____. I will make these payments every
month until I have paid all of the principal and interest and any other charges described below that I may owe
under this Note. Each monthly payment will be applied as of its scheduled due date and will be applied to interest
before principal. If, on ______________________________, ______, I still owe amounts under this Note, I will
pay those amounts in full on that date, which is called the “maturity date.” I will make my monthly payments at
____________________________________________________________________________________________
or at a different place if required by the Note Holder.
(B) Amount of Monthly Payments
My monthly payment will be in the amount of U.S. $_______________________________.
4. BORROWER’S RIGHT TO PREPAY
{initial desired provision}
___________________ I have the right to make payments of principal at any time before they are due. A
payment of principal only is known as a “prepayment.” When I make a prepayment, I
will tell the Note Holder in writing that I am doing so. I may not designate a payment as
a prepayment if I have not made all the monthly payments due under the Note.
I may make a full prepayment or partial prepayments without paying a prepayment
charge. The Note Holder will use my prepayments to reduce the amount of principal
that I owe under this Note. However, the Note Holder may apply my prepayment to the
accrued and unpaid interest on the prepayment amount, before applying my prepayment
to reduce the principal amount of the Note. If I make a partial prepayment, there will be
no changes in the due date or in the amount of my monthly payment unless the Note
Holder agrees in writing to those changes.
Tennessee Fixed Rate Note, Installment Payments - Secured
____________________ I shall not have the right to prepay this Note unless I pay a prepayment penalty for early
prepayment in the amount determined by the Note Holder, not to exceed the maximum
amount allowed by the laws of the state where the property is located.
5. LOAN CHARGES
If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that
the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted
limits, then: (i) any such loan charge shall be reduced by the amount necessary to reduce the charge to the
permitted limit; and (ii) any sums already collected from me which exceeded permitted limits will be refunded to
me. The Note Holder may choose to make this refund by reducing the principal I owe under this Note or by
making a direct payment to me. If a refund reduces principal, the reduction will be treated as a partial prepayment.
6. BORROWER’S FAILURE TO PAY AS REQUIRED
(A) Late Charge for Overdue Payments and Receipt of Payments
If the Note Holder has not received the full amount of any monthly payment by the end of
___________{enter days before late charges are due under your State’s laws} calendar days after the date it is
due, I will pay a late charge to the Note Holder. The amount of the charge will be [_____% of my overdue
payment of principal and interest or ________ dollars for each late payment]. I will pay this late charge promptly
but only once on each late payment. In no event will the late charge exceed the maximum amount allowed by the
applicable state law.
Payments to the note holder shall not be considered made until received by the Note Holder at the
address specified. Mailing is insufficient to constitute delivery to the Note Holder.
The number of days required for payment of a late charge shall not be considered as a grace period for
the payment date required under this Note and the Borrower shall be default if the payment is not paid on the due
date.
(B) Default
If I do not pay the full amount of each monthly payment on the date it is due, I will be in default.
(C) Notice of Default
If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the
overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of
principal which has not been paid and all the interest that I owe on that amount. That date must be at least 30 days
after the date on which the notice is mailed to me or delivered by other means.
(D) No Waiver By Note Holder
Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as
described above, the Note Holder will still have the right to do so if I am in default at a later time.
(E) Payment of Note Holder’s Costs and Expenses
If the Note Holder has required me to pay immediately in full as described above, the Note Holder will
have the right to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not
prohibited by applicable law. Those expenses include, for example, reasonable attorneys’ fees.
Tennessee Fixed Rate Note, Installment Payments - Secured
7. GIVING OF NOTICES
Unless applicable law requires a different method, any notice that must be given to me under this Note
will be given by delivering it or by mailing it by first class mail to me at the Property Address above or at a
different address if I give the Note Holder a notice of my different address. Any notice that must be given to the
Note Holder under this Note will be given by delivering it or by mailing it by first class mail to the Note Holder at
the address stated in Section 3(A) above or at a different address if I am given a notice of that different address.
8. OBLIGATIONS OF PERSONS UNDER THIS NOTE
If more than one person signs this Note, each person is fully and personally obligated to keep all of the
promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor,
surety or endorser of this Note is also obligated to do these things. Any person who takes over these obligations,
including the obligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the
promises made in this Note. The Note Holder may enforce its rights under this Note against each person
individually or against all of us together. This means that any one of us may be required to pay all of the amounts
owed under this Note.
9. WAIVERS
I and any other person who has obligations under this Note waive the rights of presentment and notice of
dishonor. “Presentment” means the right to require the Note Holder to demand payment of amounts due. “Notice
of dishonor” means the right to require the Note Holder to give notice to other persons that amounts due have not
been paid.
10. SECURED NOTE
In addition to the protections given to the Note Holder under this Note, a Mortgage, Deed of Trust or
Security Deed (the “Security Instrument”), dated the same date as this Note, protects the Note Holder from
possible losses which might result if I do not keep the promises which I make in this Note. That Security
Instrument describes how and under what conditions I may be required to make immediate payment in full of all
amounts I owe under this Note.
WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED
(Seal) __________________________________________
Borrower
(Seal) __________________________________________
Borrower
(Seal) __________________________________________
Borrower
(Seal)
_______________________________________
___
Borrower
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