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PROMISSORY NOTE
The Promissory Note is an unconditional promise to pay an amount of money at a specified rate of interest on or before a specified date to a specified person or entity at a specified location. The note may be sold and/or assigned for any amount to any person at any time. The note refers to a security instrument (deed of trust / mortgage) made at the same time as the note, as security for the repayment of the note.
*The section headings and summaries are for convenience only and are not to be used to interpret or define the terms of this Security Instrument.
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DATES AND PARTIES
Defines the date of the agreement, Lender's name and address and Borrower's name and address.
DATES AND PARTIES
Defines the date of the agreement, Lender's name and address and Borrower's name and address.
1. DEFINITIONS
Defines the meaning of specific terms as used in this note.
1. DEFINITIONS
Defines the meaning of specific terms as used in this note.
2. PROMISE TO PAY
Borrower promises to pay to Lender the stated amount of principal plus interest.
2. PROMISE TO PAY
Borrower promises to pay to Lender the stated amount of principal plus interest.
3. INTEREST
Defines the rate and terms of interest accrual.
3. INTEREST
Defines the rate and terms of interest accrual.
4. ADDITIONAL CHARGES
Specifies the fees collected by North Oak Investment for the cost of originating the loan.
4. ADDITIONAL CHARGES
Specifies the fees collected by North Oak Investment for the cost of originating the loan.
5. REMEDIAL CHARGES
Borrower agrees to pay all fees as described by this note in addition to the stated interest.
5. REMEDIAL CHARGES
Borrower agrees to pay all fees as described by this note in addition to the stated interest.
6. GOVERNING AGREEMENT
Borrower represents that they have reviewed and are in compliance with the terms of the commercial loan agreement.
6. GOVERNING AGREEMENT
Borrower represents that they have reviewed and are in compliance with the terms of the commercial loan agreement.
7. PAYMENT
Borrower agrees to pay the unpaid principal and accrued interest on the maturity date or upon demand of Lender.
7. PAYMENT
Borrower agrees to pay the unpaid principal and accrued interest on the maturity date or upon demand of Lender.
8. PREPAYMENT
The loan may be paid in part or in full at any time.
8. PREPAYMENT
The loan may be paid in part or in full at any time.
9. LOAN PURPOSE
Construction and/or Rehab Loan.
9. LOAN PURPOSE
Construction and/or Rehab Loan.
10. ADDITIONAL TERMS
Borrower agrees to provide annual financial statements.
10. ADDITIONAL TERMS
Borrower agrees to provide annual financial statements.
11. SECURITY
States the separate security instruments prepared together with this note (Deed of Trust or Mortgage).
11. SECURITY
States the separate security instruments prepared together with this note (Deed of Trust or Mortgage).
12. DUE ON SALE OR ENCUMBRANCE
Lender may declare the balance of the note immediately due upon creation of any contract to encumber or sell the property.
12. DUE ON SALE OR ENCUMBRANCE
Lender may declare the balance of the note immediately due upon creation of any contract to encumber or sell the property.
13. WAIVERS AND CONSENT
Borrower agrees to consent to Lender's sale of this note to any person without notice, along with other waivers and consent.
13. WAIVERS AND CONSENT
Borrower agrees to consent to Lender's sale of this note to any person without notice, along with other waivers and consent.
14. COMMISSIONS
Borrower understands and agrees to Lender's ability to receive commissions for services purchased through it or its affiliates.
14. COMMISSIONS
Borrower understands and agrees to Lender's ability to receive commissions for services purchased through it or its affiliates.
15. COLLATERAL PROTECTION INSURANCE NOTICE
Borrower agrees to insure the property as required or consent to Lender acquiring insurance at Borrower's Expense.
15. COLLATERAL PROTECTION INSURANCE NOTICE
Borrower agrees to insure the property as required or consent to Lender acquiring insurance at Borrower's Expense.
16. APPLICABLE LAW
The note is governed by the laws of MO, USA and any local jurisdictions.
16. APPLICABLE LAW
The note is governed by the laws of MO, USA and any local jurisdictions.
17. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS
Benefits and duties of this note apply to Lender, each individual Borrower and their heirs, successors and assigns.
17. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS
Benefits and duties of this note apply to Lender, each individual Borrower and their heirs, successors and assigns.
18. AMENDMENT, INTEGRATION AND SEVERABILITY
The agreement is complete, changes must be made in writing, unenforceable provisions are severed and the rest are valid.
18. AMENDMENT, INTEGRATION AND SEVERABILITY
The agreement is complete, changes must be made in writing, unenforceable provisions are severed and the rest are valid.
19. INTERPRETATION
Defines the usage and meaning of singular and plural words. Section headings are for convenience only.
19. INTERPRETATION
Defines the usage and meaning of singular and plural words. Section headings are for convenience only.
20. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS
Borrower agrees to notify Lender of any changes to pertinent documents and to provide any requested documents.
20. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS
Borrower agrees to notify Lender of any changes to pertinent documents and to provide any requested documents.
21. CREDIT INFORMATION
Borrower agrees to supply Lender with any information Lender needs to decide whether to continue the loan.
21. CREDIT INFORMATION
Borrower agrees to supply Lender with any information Lender needs to decide whether to continue the loan.
22. ERRORS AND OMISSIONS
Borrower agrees to cooperate with Lender in the correction of any and all loan closing documents.
22. ERRORS AND OMISSIONS
Borrower agrees to cooperate with Lender in the correction of any and all loan closing documents.
ORAL AGREEMENTS
All agreements are made in writing.
ORAL AGREEMENTS
All agreements are made in writing.
23. SIGNATURES
Borrower and Lender agree to the terms of the note and Borrower acknowledges receipt of a copy.
23. SIGNATURES
Borrower and Lender agree to the terms of the note and Borrower acknowledges receipt of a copy.
ENDORSEMENT
Similar to a check, notes are endorsed on the back of the last page.
ENDORSEMENT
Similar to a check, notes are endorsed on the back of the last page.
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