Promissory note balloon

PROMISSORY NOTE

For Value Received, <Borrower> (“Borrower”) hereby promises to pay <Lender> (“Lender”) the sum of <amount> Dollars ($<0.00>) (“Principal”) plus interest in accordance with the interest and payment schedules herein.

INTEREST

Interest on the unpaid portion of the Principal shall accrue at the rate of <interest rate> percent per annum from the date of this note.

PAYMENT

Borrower agrees to pay the principal balance and accrued interest to Lender in lawful money of the United States in <number of installments> equal <period> installments, due <due day> beginning <first payment date>, excepting the final installment which shall equal the balance of both principal and accrued interest remaining unpaid, and which shall be due on <final payment due date>.

Upon default by Borrower on any scheduled payment of principal or interest, the entire amount of the Principal and all accrued interest shall, at the option of the Lender, become payable immediately.

Borrower may, at any time and without permission or penalty, prepay this Note in whole or in part, provided that Borrower agrees that such prepayments will be applied to any installments described herein in reverse order of maturity.

Borrower agrees to pay any and all costs of collection including reasonable attorney’s fees should such action be required to satisfy or retire all or a portion of this Note.

For <Borrower>:

________________________________________ Date: _______________

Name: __________________________________ Title: _______________

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