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Fixed Rate Note 16 - Wisconsin
| Fixed Rate Note Form. This is a Wisconsin form and can be used in Real Estate Statewide . |
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State Bar of Wisconsin Form 16-2003 FIXED RATE NOTE Document Number Document Name For value received, the undersigned ("Borrower"), jointly and severally if more than one, promises to pay to the order of ("Holder") the principal sum of $ together with interest on the unpaid principal balance from the date of this note ("Note") at the rate of % per annum until this Note is paid in full. Interest shall be computed based on a 360 day year. Payment shall be made as follows: CHOOSE ONE OF THE FOLLOWING OPTIONS; ONLY ONE SHALL APPLY: A. Single Payment. In one payment on , plus interest payable . B. Installments of Principal and Interest. In equal payments of $ due on , and on the same day of each month thereafter, plus a final payment of the unpaid principal and interest due on . Installments of Interest Only. In payments of interest of $ on , and on the same day of each final payment of the unpaid principal due plus accrued interest on Other. . Payments shall be made to Holder at or such other location as Holder shall designate by written notice to Borrower. CHOOSE THE FOLLOWING, IF APPLICABLE: On execution of this Note, Borrower will prepay interest to due month thereafter, plus a . C. D. . CHOOSE ONE OF THE FOLLOWING OPTIONS; IF NEITHER IS CHOSEN, OPTION A SHALL APPLY: A. This Note may be prepaid in whole or part without premium or penalty at any time. B. There may be no prepayment of principal without permission of Holder. CHOOSE ONE OF THE FOLLOWING OPTIONS; IF NEITHER IS CHOSEN, OPTION A SHALL APPLY: Any prepayment shall be applied to principal in the inverse order of maturity and shall not A. delay the due dates or change the amount of the remaining payments until the unpaid balance of principal and interest is paid in full. B. In the event of any prepayment, this Note shall not be treated as in default with respect to payment so long as the unpaid balance of principal and interest (and in such case accruing interest shall be treated as unpaid principal) is less than the amount that said indebtedness would © 2003 STATE BAR OF WISCONSIN American LegalNet, Inc. www.USCourtForms.com have been had the payments been made as specified above; provided that payments shall continue in the event of credit of any proceeds of insurance or condemnation, the condemned premises being thereafter excluded from any mortgage given as security for this Note. Holder may grant renewals or extensions or otherwise modify the terms of this Note or any instrument securing this Note without affecting the liability of Borrower or any guarantor of this Note. If Borrower fails to pay any installment payable hereunder within days after it becomes due or if any other default, including a default under any security for this Note, is not cured within days after notice of default is mailed to Borrower, Holder may at its option and without further notice accelerate the amount due under the Note and declare it immediately due and payable. If any installment payable hereunder days, Borrower shall pay a late charge to Holder of 5% of the delinquent is delinquent more than amount. Borrower shall pay all costs and expenses, including reasonable attorney fees, of collection and enforcement of any security for the Note, unless prohibited by law. Other provisions: . Presentment, protest and notice of dishonor are hereby waived. This Note is secured by Dated . . * (SEAL) * (SEAL) GUARANTY The undersigned, for valuable consideration, hereby guarantees payment of all sums due and to become due under the above Note, including (without limitation) principal, interest and costs and expenses of collection. Dated GUARANTOR: . * (SEAL) * (SEAL) NOTE: THIS IS A STANDARD FORM. ANY MODIFICATIONS TO THIS FORM SHOULD BE CLEARLY IDENTIFIED. STATE BAR OF WISCONSIN FIXED RATE NOTE FORM NO. 16-2003 * Type name below signatures. © 2003 STATE BAR OF WISCONSIN American LegalNet, Inc. www.USCourtForms.com
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