Promissory Note - Interest Payments/Secured

Promissory Note

LOAN REPAYABLE IN INSTALLMENTS AND SECURED

BY INTEREST IN REAL AND PERSONAL PROPERTY

1. For value received, ¨ I individually ¨ We jointly and severally promise to pay to the order of_____________________

______________________________________________________________$ ___________________________________

on____________________________________________at ____________________________________________________

____________________________________________________________________________________________________

at the rate of %________________________per year (choose one):

¨ from the date this not was signed until the date it is due or is paid in full, whichever date occurs last.

¨ from the date this note was signed until the date it is paid in full.

2. ¨ I individually ¨ we jointly and severally also agree that this note shall be paid in installments, which include principal and

interest, of not less than $____________________per month, due on the first day of each month, until such time as the principal and interest are paid in full.

3. If any installment payment due under this note is not received y the holder within ___________________________days of its due date, the entire amount of unpaid principal shall become immediately due and payable at the option of the hold without prior notice to the signer(s) of this note.

4. In the event the holder(s) of this note prevail(s) in a lawsuit to collect on it, I/we agree to pay the holder(s)' attorney fees in n amount the court finds to be just and reasonable.

5. ¨ I individually ¨We jointly and severally agree that until such time as the principal and interest owed under this note are paid in full, the note shall be secured by the following described mortgage, deed of trust, or security agreement:

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

_____________________________________________________ ____________________________________________________

Date Date

_____________________________________________________ ___________________________________________________

Location(City or County) Location(City or County)

_____________________________________________________ ____________________________________________________

Name of Borrower Name of Second Borrower

_____________________________________________________ ____________________________________________________

Address of borrower Address of Second Borrower

______________________________________________________ ____________________________________________________

______________________________________________________ _____________________________________________________

Signature of Borrower Signature of Second Borrower