PROMISSORY
NOTE
Principal
amount: Rs_____________________
Date: _____________________
FOR VALUE
RECEIVED, the undersigned hereby jointly and
severally promise to pay to the order of ______
the sum of Rs______, together with interest
thereon at the rate of _____% per annum on the
unpaid balance. said sum shall be paid in the
following manner:
All payments shall
be first applied to interest and the balance to
principal. This note may be prepaid, at any time,
in whole or in part, without penalty.
This note shall be
at the option of any holder thereof be
immediately due and payable upon the occurrence
of any of the following: 1) Failure to make any
payment due hereunder within on or before its due
date. 2) Breach of any condition of any security
interest, mortgage, loan agreement, pledge
agreement or guarantee granted as collateral
security for this note. 3) Breach of any
condition of any loan agreement, security
agreement or mortgage, if any, having a priority
over any loan agreement, security agreement or
mortgage on collateral granted, in whole or in
part, as collateral security for this note. 4)
Upon the death, incapacity, dissolution or
liquidation of any of the undersigned, or any
endorser, guarantor to surety hereto. 5) Upon the
filing by any of the undersigned of an assignment
for the benefit of creditors, bankruptcy or other
form of insolvency, or by suffering an
involuntary petition in bankruptcy or
receivership not vacated within thirty (30) days.
In the event this
note shall not be in default and placed for
collection, then the undersigned agree to pay all
reasonable attorney fees and costs of collection.
Payments not made within five (5) days of due
date shall be subject to a late charge of _____%
of said payment. All payments hereunder shall be
made to such address as may from time to time be
designated by any holder.
The undersigned
and all other parties to this note, whether as
endorsers, guarantors or sureties, agree to
remain fully bound until this note shall be fully
paid and waive demand, presentment and protest
and all notices hereto and further agree to
remain bound notwithstanding any extension,
modification, waiver, or other indulgence or
discharge or release of any obligor hereunder or
exchange, substitution, or release of any
collateral granted as security for this note. No
modification or indulgence by any holder hereof
shall be binding unless in writing; and any
indulgence on any one occasion shall not be an
indulgence for any other or future occasion. Any
modification or change in terms, hereunder
granted by any holder hereof, shall be valid and
binding upon each of the undersigned,
notwithstanding the acknowledgement of any of the
undersigned, and each of the undersigned does
hereby irrevocably grant to each of the others a
power of attorney to enter into any such
modification on their behalf. The rights of any
holder hereof shall be cumulative and not
necessarily successive. This note shall take
effect as a sealed instrument and shall be
construed, governed and enforced in accordance
with Indian laws.
PLACE:_______________________
- ______________
_______________
- Borrower
Borrower
-
- ______________
_______________
- Witness
Witness
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