Simple Term Note

download Simple Term Note

of 1

Transcript of Simple Term Note

TERM NOTE$30,603.45 U.S. Geneva, Illinois September 28, 2011

FOR VALUE RECEIVED, Donald Cinkus of ______________________, Illinois (the Maker) promises to pay to the order of Joseph V. Improta, or his heirs, successor or assigns of 630 Enterprise Avenue, DeKalb, Illinois 60115 (the Lender) at such other place as the holder of this Note may designate in writing to Maker, on or before January 1, 2012 (the Maturity Date), the principal sum of THIRTY THOUSAND SIX HUNDRED THREE DOLLARS AND 45/100THS DOLLARS ($30,603.45) in one lump sum payment together with all accrued interest. Maker further promises to pay interest on the principal balance from time to time outstanding at a rate equal to .55% (the Interest Rate). All payments of both principal and interest are to be made in lawful money of the United States of America. All payments shall be applied by Lender first to unpaid interest due and payable herein, then to reduction of the principal balance outstanding hereunder. Any sum not paid when due, whether at stated maturity, by acceleration or otherwise, shall bear interest payable on demand at an Interest Rate plus 4%. All makers and any endorsers, guarantors, sureties, accommodation parties and all other persons liable or to become liable for all or any part of this indebtedness jointly and severally waive diligence, presentment, protest and demand, and also notice of protest, of demand, of nonpayment, of dishonor and of maturity and also recourse or suretyship defenses generally; and they also jointly and severally hereby consent to any and all renewals, extensions or modifications of the terms of this Note, including time for payment, and further agree that any such renewals, extension or modification of the terms of this Note or the release or substitution of any security for the indebtedness under this Note or any other indulgences shall not affect the liability of any of the parties for the indebtedness evidenced by this Note. Any such renewals, extensions or modifications may be made without notice to any of said parties. Maker shall be liable to the Holder of the Note for all costs and expenses incurred in connection with collection, whether by suit or otherwise, of any amount due under this Note, including, without limitation, reasonable attorneys fees, as more fully set forth in the Security Instrument. This Note shall be governed by and construed in accordance with the laws of the State of Illinois without reference to choice of law or conflict of law principles. In Witness Whereof, the Maker has caused this Note to be executed on the date first written above.

Robert Bresticker