$_______________________________
_______________, Illinois, _____
____________________, 20____
FOR VALUE RECEIVED, the undersigned ("Borrower") promises to pay to the order of _____________________________ BANK, a national banking association created under the laws of the United States of America ("Bank"), at its principal office in Peoria, Illinois, or at such other place within the State of Illinois as may be designated in writing by the holder hereof to the Borrower, the principal sum of _____________________________ ($__________________) together with interest on the unpaid principal balance from time to time outstanding from the date hereof until the entire principal amount due hereunder is paid in full together with interest at the rate of percent (___ )% per annum.
Principal and interest shall be paid in _________ monthly payments commencing on _____________________ , 20___. and
continuing on the same day of each month for the next _____ months. The first ____________ payments shall be in the amount of _______________. and the _______________ and last such payment shall be in an amount equal to the remaining principal and interest due under this Note. Interest at the aforesaid rate shall be calculated on the basis of a 360-day year.
This note may be prepaid at any time and to the extent such prepayment occurs, Borrower shall pay to Bank a prepayment penalty in an amount computed as follows: The latest published rate preceding the date for prepayment for United States Treasury Notes or Bills (Bills on a discounted basis shall be converted to a bond equivalent) as published weekly in the Federal Reserve Statistical Release with a maturity date closest to the maturity date hereof shall be subtracted from the rate hereof. If the result is zero or a negative number, there shall be no prepayment premium. If the result is a positive number, then the resulting percentage shall be multiplied by the amount of the principal balance being prepaid. The resulting amount shall be divided by 360 and multiplied by the number of days remaining in the term hereto as of the date of prepayment. Said amount shall be reduced to present value calculated by using the number of months remaining in the designated term and using the above referenced United States Treasury Note or Bill rate and the number of days remaining on the term as of the date of the prepayment. The resulting amount shall be the
prepayment premium due to the Bank upon the prepayment.
If, at any time, the rate of interest hereunder shall be deemed by any competent court of law, governmental agency, or tribunal to exceed the maximum rate of interest permitted by the laws of any applicable jurisdiction or the rules or regulations o! any appropriate regulatory authority or agency, then, during such time as such rate of interest would be deemed excessive, that portion of each interest payment attributable to that portion of such interest rate that exceeds the maximum rate of interest so permitted shall be deemed a voluntary prepayment of principal.
This note shall, at the option of the holder hereof, become immediately due and payable, without notice or demand, upon the happening of any one of the following specified events: (1) the failure to pay any amount as herein set forth; (2) the default in the performance of any other obligation to the holder; (3) the termination of corporate existence; (4) the insolvency (however evidenced) or the commission of an act of insolvency; (5) the making of a general assignment for the benefit of creditors; (6) the filing of any petition or the commencement of any proceeding by or against the undersigned or any endorser or guarantor for any relief
under any bankruptcy or insolvency laws, or an). laws relating to the relief of debtors, readjustment of indebtedness, reorganizations, compositions, or extensions; (7) the suspension of the transaction of the usual business of the undersigned; and (8) the past or future making of a false representation or warranty by the undersigned in connection with any loan or loans by Bank to the undersigned.
The undersigned hereby waives presentment, demand for payment, notice of dishonor, and any or all other notices or demands in connection with the delivery. acceptance, performance, default, or enforcement of this note and hereby consents to any extensions of time, renewals, releases of any party to, or guarantor of, this note, waivers, or modifications that may be granted or consented to by the holder in respect of the time of payment or any other provisions of this note.
If the holder shall institute any action for the enforcement of the collection of the moneys due on this note, there shall be immediately due from each of the undersigned, in addition to the unpaid principal and interest, all costs and expenses of such action, and reasonable attorneys' fees.
(signatures)
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