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Promissory Installment Note
PROMISSORY INSTALLMENT NOTE
FOR GOOD AND VALUABLE CONSIDERATION, the undersigned Borrowers, jointly and severally, do hereby promise to pay to [Name of Lender], the amount of [Amount to be Paid], together with interest accrued at the rate of [Interest on the Loan] percent per annum, compounded [Period to be Compounded]. Said amount is to be payable in [Number of Installments] installments of [Amount of the installments], the first of which is due on or before [Date first installment is due], and following payments to be made on the [Day of the month installment is due] of each month.
Payments shall be made in the following fashion:
[Description of how the payments will be made]
This Note shall be considered in default if Borrowers are more than one payment late. In case of such default, Borrowers agree to pay all reasonable expenses, including court costs and attorney fees, incurred during collection proceedings.
This Note may be paid in full at any time without penalty charge.
This Note acknowledges an outstanding account balance exists with the Borrowers, and it is understood that this instrument is not to be construed as a separate obligation.
Borrower Date
Witness Date