PROMISSORY NOTE
FOR GOOD AND ADEQUATE VALUE RECEIVED, _______________________, (hereinafter referred to as "the Maker") whose address is_____________________________, _______________, Ohio ______ hereby promise(s) to pay ___________________________ (hereinafter referred to "the Holder"), whose address is _____________________________, _______________, Ohio ______, or whomever he/she/it has given, transferred, or assigned this Promissory Note (hereinafter referred to as "this Note"), the sum of _________________________________________ DOLLARS ($_____________) (hereinafter referred to as "the principal") plus interest charged on the unpaid balance thereof at the rate of _____________ Percent (___%) per annum, from ______________,200__ through the date in which the principal, interest, and any other amount(s) which are then due and payable have been paid in full. The Maker shall pay the Holder all amounts owed under this Note on the Holder's demand for the same. The Maker's payment shall be made by a check which is payable to "____________________________". Such check shall be delivered to the Holder, by personal delivery or regular U.S. Mail. If such check is sent by personal delivery it shall be deemed to be delivered on the date the check is received by the Holder. In the alternative, if such check is sent by U.S. Mail, it shall be deemed delivered three (3) days after it is post-marked with the Holder's name, address, and necessary postage thereon. The address at which such payment is required to be made may be changed, from time to time, in writing, by the Holder, provided that the Holder has delivered that writing to the Maker at least seven (7) calendar days in advance of the payment due date. (The delivery rules stated in the preceding paragraph shall apply to the Holder's notice.) If the Maker fails to pay some or all of any monetary obligation owed under this Note when it becomes due and payable, the Maker shall be assessed and agrees to pay a late charge of FIFTY DOLLARS ($50.00) per month to cover the Holder's internal administrative expenses relating to carrying and collecting of that obligation. Any such late charge(s) shall be due and payable with the delinquent payment to which it/they relate(s).
Notwithstanding anything stated to the contrary above, the Holder shall apply each payment made by the Maker (to the extent of the funds received): first, toward any reasonable attorney fees, litigation expenses, and court costs which the Holder incurs in collecting or seeking the collection of any delinquent payment(s); second, toward any late charge(s) assessed on any delinquent payment(s); third, toward any outstanding interest; and fourth, toward the principal component of any payment(s) which is/are then due and payable. Provided that the Maker is current on all monetary obligations owed under this Note, the Maker may prepay (or pay before due and payable) some or all of the principal which the Maker owes under this Note. In the event of any such prepayment(s), the Holder shall give the Maker credit for the prepayment(s), shall recalculate the remaining repayment amount(s), and shall advise the Maker, in writing, of the remaining principal balance and the new repayment amount(s). If the Maker breaches any obligation(s) owed under this note, and, the Holder chooses to initiate a legal action thereon, the Maker shall be liable to the Holder (or his transferee or assignee) for the reasonable attorney fees, litigation expenses, and court costs incurred by said person or entity in obtaining a judgment on the obligation(s) and/or attempting to collect thereon, in addition to the damages which are awarded. The Holder of this Note may give, transfer, or assign this Note to whomever he wishes while any amount(s) is/are still due and payable under this Note, and the recipient thereof shall be deemed to "the Holder" for the purposes of this Note. Upon any such conveyance, transfer or assignment, the recipient of this Note (i.e. the new Holder) shall promptly notify the Maker, in writing of the conveyance, transfer or assignment and of the address at which he/she/it wishes to receive all payments under this Note. The Maker hereby waives, in advance, any formalities or other requirements which Ohio law requires or may require a holder to satisfy or have satisfied as preconditions to being entitled to declare or take legal action on a note in default, except as otherwise specified in this Note. THE MAKER:
_______________________________
UNCONDITIONAL GUARANTEE
FOR GOOD AND VALUABLE CONSIDERATION RECEIVED, I, the undersigned, hereby unconditionally guarantee to pay whatever amount(s) is/are due and payable thereunder in accordance with the terms and conditions stated above and regardless of whether the Holder has presented the Note to the Maker, demanded payment on the Note from the Maker, had the Note dishonored by the Maker, and/or received notice of any dishonor by the Maker or observed any other formality(ies) which are or may be required under Ohio law as pre-conditions for accelerating all monetary obligations owed under such Note for seeking judgment on the same. Furthermore, I, the undersigned, hereby waive any requirement at law or in equity that the holder first seek payment from the Maker before demanding that I make payment of the Maker's monetary obligation under the Note, and I hereby agree to pay the same regardless of whether the Holder has first sought payment, in whole or in part, from the Maker and/or received any payment(s) from the Maker. ___________________________________
____________________ -Guarantor This legal form should not be used without consulting an attorney first. It may not be valid in your state, country or jurisdiction. | If you can't find what you need in our free forms, templates, and letters, over 25,000 forms covering almost every topic can be found here or even more here. These forms cost a few dollars, but generally are available in customized versions for various states and are usually more complete. |
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