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FOR VALUE RECEIVED, xx ( Borrower ) hereby issues this Partially Recourse Promissory Note ( the Note ) to xx ( the Payee ) ,
FOR VALUE RECEIVED, xx Borrower hereby issues this Partially Recourse Promissory
Note the Note to xx the Payee and thereby unconditionally promises to pay to the
order of Payee in lawful money of the United States of America and in immediately
available funds the principal amount of One Hundred Twenty Nine Thousand Six
Hundred dollars $ together with all accrued and unpaid interest thereon after
the date hereof, if any, on the terms and conditions described below.
PRINCIPAL. The principal balance of this Note shall be due and payable on December
provided that at any time after all restrictions on the transfer of the Collateral
as defined below have been lifted, Payee may demand repayment by delivering at
least ten days prior written notice.
INTEREST. This Note shall bear interest at the rate of Thirty Eight One Hundredths
percent per annum, compounded monthly. Interest payable on this Note shall
be calculated on the basis of one year of three hundred and sixtyfive day year for
the actual number of days elapsed since November In no event shall the
interest charged hereunder exceed the maximum permitted by law. Interest of this Note
shall be due and payable as provided on Schedule A
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