This Promissory Note is dated this day of _________, 20___.

FULL NAME: ___________________________________________ COMPLETE ADDRESS INCLUDING CITY, STATE, ZIP CODE AND PHONE NUMBER: _____________________________________________________________________________ _ (hereinafter Borrower) acknowledges the receipt of $______________. from FULL NAME: ___________________________________________ COMPLETE ADDRESS INCLUDING CITY, STATE, ZIP CODE AND PHONE NUMBER: _____________________________________________________________________________ _ (hereinafter Lender).

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For value received, the Borrower promises to pay to the order of the Lender, the principal sum of $___________________________. The interest rate on the unpaid portion of the principal sum will be _____% per annum. 1

NOTE: Many states have limits on the amount of interest you can charge. For instance the State of California does not allow charging more than 10% per annum in interest unless a person or company is exempt. You should consult an attorney or research the laws in your state to see what interest rate limits might apply to your state.
The unpaid principal and accrued interest shall be payable in monthly installments of $______________ per month, beginning on ___________ and continuing until _________, (the "Due Date"), at which time any remaining unpaid principal and interest shall be due in full. All payments on this Note will be applied first to payment of accrued interest, then any remainder will be applied to payment of outstanding principal. The Borrower promises to pay a late charge of $_______for each installment that remains unpaid more than ___________day(s) after its Due Date. This late charge shall be considered paid as liquidated damages in lieu of actual damages, and not as a penalty. If the principal and accrued interest are paid in full on or before the Due Date, the Borrower shall be entitled to a discount equal to _______% of the unpaid principal immediately prior to such payment. If Borrower is more than ______days late in making any payment, Lender may declare that the entire balance of unpaid principal is due immediately, together with the interest that has accrued.

If any payment obligation under this Note is not paid when due, the Borrower promises to pay all costs of collection, including reasonable attorney fees and costs, whether or not a lawsuit is commenced as part of the collection process. This Note will be construed in accordance with and governed by the laws of the State of California. Any amounts collected in excess of the maximum legal rate will be applied to reduce the outstanding principal balance. No renewal or extension of this Note will release the liability of the borrower from any of the provisions of this Note. Lender may assign any or all of their rights under this Note at any time. Borrower may not assign or transfer any of their obligations under this Note. All rights of the Lender under this Note are cumulative and may be exercised concurrently or consecutively at the option of the Lender. No failure of the Lender to exercise any of their rights under this Note shall be considered a waiver of any rights.

________________________________________________________ BORROWER Signed this ____day of _________________, 20___in CITY, STATE. Witnessed by: __________________________________________________________ FIRST WITNESS __________________________________________________________ SECOND WITNESS