PROMISSORY NOTE

Date:
Maker:
Makers Mailing Address:
Payee:
Place for Payment:
Principal Amount:
Annual Interest Rate on Unpaid Principal FromDate of Funding:
Annual Interest Rate on Matured, Unpaid Amounts:
Terms of Payment: (principal and interest):Commencing on __________________, and on the
same day of each succeeding month thereafter until the entire remaining principal balance hereof
and earned interest is paid in full, the principal balance of thsi note, plus accrued interest thereon,
shall be due and payable in consecutive and equal monthly installments in the amount of
______________ each.
Maker reserves the right to prepay this note, in whole or in part, at any time prior to maturity
without penalty. All portions of partial prepaymentscredited to the principal shall be applied to
required principal payments in inverse order, and installments shall continue as scheduled.
Interest will be calculated on the unpaid principal to the date of each payment. Payments will be
credited first to accrued interest and then to reduction of principal.
If any installment becomes overdue for more than ten days, at Payees option, 5% of the amount
overdue may be charged by Payee and shall be paid by Maker to defray Payees expense of
handling the delinquent payment.
Security for Payment:
A vendors lien and superior title retained in a deed of trust of even date executed by Payee to
Maker upon _____ acres of land, more or less, in the
_______________________________________________(short prop descrip), and the lien of
even date covering such property.
General Provision:
Maker promises to pay to the order of Payee at the place for payment and according to the terms

of payment the principal amount plus interest at the rates stated above. All unpaid amounts shall
be due by the final scheduled payment date.
On default in the payment of this note or in the performance of any obligation in any instrument
securing or collateral to it, the unpaid principal balance and earned interest on this note shall
become immediately due at the election of Payee. Maker and each surety, endorser, and
guarantor waive all demands for payment, presentations for payment, notices of intention to
accelerate maturity, notices of acceleration of maturity, protests, and notices of protest.
If this note or any instrument securing or collateral to it is given to an attorney for collection or
enforcement, or if suit is brought for collection or enforcement, or if it is collected or enforced
through probate, bankruptcy, or ther judicial proceeding, then Maker shall pay Payee all costs of
collection and enforcement, including reasonale attorneys fees and court costs, in addition
toother amounts due. Reasonable attorneys fees shall be 10% of all amounts due unless either
party pleads otherwise.
Interest on the evidenced by this note shall not exceed the maximum amount of nonusurious
interedst that may be contracted for, taken, reserved, charged, or received under law: any interest
in excess of that maximum amount shall be credited on the principal of the debt or, if the
principal has been paid, refunded. On any acceleration or required or permitted prepayment, any
such excess shall be canceled automatically as of the acceleration or prepayment, or if already
paid, credited on the principal of the debt or, if the principal of the debt has been paid, refunded.
This provision overrides other provisions in this note, the deed of trust securing payment of this
note, and all other instruments concerning the debt,
Each Maker is responsible for all obligations represented by thsi note.
When the context requires, singular nouns and pronouns include the plural.
This note is for a term of ____ years, although the monthly payments hereon are based on a 360
month amortization schedule.
THIS NOTE IS PAYABLE IN FULL AT THE END OF ____ YEARS. mAKER MUST PAY
THE ENTIRE PRINCIPAL BALANCE OF THIS NOTE AND UNPAID INTEREST THEN
DUE. tHE PAYEE IS UNDER NO OBLIGATION AT THAT TIME TO REFINANCE THE
LOAN. mAKER WILL BE REQUIRED TO MAKE PAYMENTS OUT OF OTHER ASSETS
THEY MAY OWN OR WILL HAVE TO FIND A LENDER WILLING TO LEND THEM THE
MONEY AT PREVAILING MARKET RATES, WHICH MAY BE CONSIDERABLY
HIGHER THAN THE INTEREST RATE OF THIS LOAN.
All notices and communicationsrequired under this note or the deed of trust securing this note
will be given to Payee at palce of payment.
____________________________