THE UNDERSIGNED, ________________________________, residing at ____________________________ city of ______________________ zip _______, jointly and severally referred to as the "Makers," for valued received, hereby promises to pay to ________________________________ (hereinafter referred to as "Payee"), the sum of _____________ dollars ($-------) plus interest at the rate of ___ percent (---%) per annum, compounded monthly, payable in (---) monthly installments of ____________ dollars ($-------).
Payments: The first payment is due on ______________, and monthly payments thereafter on each and every first day of the month until the balance of the note is fully paid. Each monthly payment is to be delivered to and payable to the Payee, at _____________________________, either in person or by U.S. mail, and said monthly payments must be received bt the Payee prior to or on the due date of the monthly payments.
Default: In case of default of any monthly payment, the entire unpaid balance, at the election of the Payee, shall become immediately due and collectible. Default shall be defined as the Makers being more than one (1) month in arrears on the payments due under this note.
Confession of Judgment: Makers irrevocably authorize any attorney of any court of record to appear for Makers at any time to waive the issurance and service of process and to confess judgment against Makers and in favor of Payee or any subsequent holder hereof for such amount as is unpaid with accrued interest, together with costs and attorney's fees of thirty-three and one-third percent (33 1/3%) of the full amount due hereon (but not less than $100), and hereby ratifies and confirms all that said attorney may do by virtue hereof, and waives and releases all errors that may intervene in such proceedings. Venue shall lie in the following jurisdiction: _________________________
Collateral Security As collateral security for the payments of this note, the Makers will execute a Stock Pledge Agreement granting Payee a security interest in capital stock of ____________________________ Inc., purchased from Payee this date, and shall deliver said shares of capital stock pursuant to such Stock Pledge Agreement.
Prepayment Option The Makers herby have the right to prepay the principal due on this note at any time without penalty.