Promissory Note Secured

$________________

Dated:

For value received, the Borrower __________, of _____________, City of ________, State of _____, promises to pay to the Noteholder ____________, of ____________, City of ____________, State of _____, the principal amount of $________, with interest at the rate of ___% on any unpaid balance.

Payments are payable to the Noteholder in _______ consecutive installments of $________,including interest, and continuing on the _________ day of each _______ until paid in full. If not paid off sooner, this Note is due and payable in full on _________, 20 __. This Note is secured by a Security Agreement dated ________, 20 __, which has also been signed by the Borrower. This Note may be accelerated and demand for immediate full payment made by the Noteholder upon breach of any conditions of the Security Agreement. This Note may be prepaid in whole or in part at any time without penalty. If the Borrower is in default more than ____ days with any payment, this Note is payable upon demand of any Noteholder. This note is not assumable without the written consent of the Noteholder. The Borrower waives demand, presentment for payment, protest, and notice. In the event of such default, Borrower will also be responsible for any costs of collection on this Note, including court costs and attorney fees.

______________________________

(Signature of Borrower)

______________________________

(Name of Borrower)

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