Line of credit promissory note
Line of credit promissory note form
LINE OF CREDIT PROMISSORY NOTE
$_______________ Date:________________ FOR VALUE RECEIVED, _______________________, ("Borrower") promises to pay to the order
of ___________________________ ("Lender"), a/an [STATE] Corporation,
the principal sum of ___________________Dollars ($________),
or so much thereof as may be disbursed to, or for the benefit
of the Borrower by Lender in Lender's sole and absolute discretion.
It is the intent of the Borrower and Lender hereunder to create a
line of credit agreement between Borrower and Lender whereby
Borrower may borrow up to $___________________ from Lender;
provided, however, that Lender has no obligation to lend Borrower
any amounts hereunder and the decision to lend such money lies
in the sole and complete discretion of the Lender.
INTEREST & PRINCIPAL: The unpaid principal of this line of credit shall
bear simple interest at the rate of _____ percent (__%) per annum.
Interest shall be calculated based on the principal balance as may be
adjusted from time to time to reflect additional advances made hereunder.
Interest on the unpaid balance of this Note shall accrue monthly but shall
not be due and payable until such time as when the principal balance of
this Note becomes due and payable. The principal balance of this
Note shall be due and payable on _____________. There shall be no penalty
for early repayment of all or any part of the principal.
SECURITY: This Note shall be secured by a mortgage ("Mortgage") upon
certain property owned by the Borrower located in _________ County, [STATE].
DEFAULT: The Borrower shall be in default of this Note on the occurrence of
any of the following events: (i) the Borrower shall fail to meet its obligation
to make the required principal or interest payments hereunder. (ii) the Borrower
shall be dissolved or liquidated; (iii) the Borrower shall make an assignment
for the benefit of creditors or shall be unable to, or shall admit in writing
their inability to pay their debts as they become due; (iv) the Borrower shall
commence any case, proceeding, or other action under any existing or future law
of any jurisdiction relating to bankruptcy, insolvency, reorganization or relief
of debtors, or any such action shall be commenced against the undersigned;
(v) the Borrower shall suffer a receiver to be appointed for it or for any of
its property or shall suffer a garnishment, attachment, levy or execution.
REMEDIES: Upon default of this Note, Lender may declare the entire amount due and
owing hereunder to be immediately due and payable. Lender may also use all remedies
in law and in equity to enforce and collect the amount owed under this Note.
Borrower hereby waives demand, presentment, notice of dishonor, diligence in collecting,
grace and notice of protest.
BORROWER:
_______________________________________
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