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Promissory Installment Note-Long Form
PROMISSORY INSTALLMENT NOTE-LONG FORM
FOR GOOD AND VALUABLE CONSIDERATION RECEIVED, We, the undersigned [Name of the first borrower], and [Name of the second borrower], hereinafter "Borrowers", do hereby jointly and severally promise to pay to [Name of the lender], hereinafter "Lender", the amount of [Amount of the note], with interest on such amount accruing at the rate of [Interest on the note] percent per year. Payment will first be applied to interest, and then to principal, accordingly.
Payments shall be made in the following fashion:
Payments are due on the [Day of the month payment is due] of each month, to be paid at [Address where payment is to be made], in person or by U.S. Mail. Any payment not made within [Grace period for payments] of being due shall be considered in default and Lender may, at such time, demand payment in full of the entire balance due, including interest.
Borrowers reserve the right to pay the entire balance due on this Note at any time, without penalty charges.
CONFESSION OF JUDGMENT - Borrowers do hereby irrevocably authorize any attorney of any court of record to appear for Borrowers at any time to waive the issuance and service of process and to confess judgment against Borrowers, and in favor of Lender or any subsequent holder hereof, for such amount as is unpaid with accrued interest, together with costs and attorney fees. In addition Borrowers ratify and confirm all that said attorney may do by virtue hereof, and waive and release all errors that may intervene in such proceedings. Venue shall lie in the following jurisdiction:
[State of jurisdiction].
COLLATERAL - As collateral security for the payment of this Note, Borrowers agree to: [Description of collateral]
Borrower Date
Borrower Date
Witness Date