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Secured Time Note--Note Part Of Series
SECURED TIME NOTE--NOTE PART OF SERIES
For value received, [Name of maker], of [address of maker], [city of maker], [state of maker], referred to as maker, promises to pay to the order of [Name of payee], of [address of payee], [city of payee], [state of payee], or [his or her] successors and assigns, referred to as holder, at [address of holder], [city of holder], County, [state of holder], on [date], in lawful money of the United States the sum of $[Amount of note] Dollars, with interest at the rate of percent [Interest Rate]% per annum.
1. Series of Notes. This note is one of a series of notes, all of like tenor, except as to amount, issued and to be issued by maker, [if appropriate, add: amounting in the aggregate to not more than the principal sum of Amount of Dollars].
2. Prepayment. Maker reserves the right at any time to prepay, in whole or in part, the principal or interest owing on any or all of the issued and outstanding notes of this series. [If desired, add: If maker elects to prepay less than all of the indebtedness evidenced by the then issued and outstanding notes of this series, maker will pay to holder the same proportion of the principal or interest of the indebtedness evidenced by this note that holder may at that time pay to the holder of any other issued and outstanding note of this series].
3. Reference to Security Agreement. This note is secured by a security agreement between maker and [Name of payee], dated , and the maturity of this note may be accelerated as provided in that security agreement.
4. Record of payments. Receipt of all payments on account of principal and interest of this note that may be made by maker prior to maturity shall be endorsed on the reverse side of this note.
Dated:
[Signature of maker]