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2260.BLD
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1993-01-06
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47 lines
#2260
@001 Enter the name of the MAKER of the note:
@002 Enter the name of the HOLDER of the note:
!100 Enter, in numerals, the principal sum of the loan:
@101 Enter, in numerals, the interest rate:
#end control section
#2260
/* Para. 2260: Partnership note, limited profits */
NON-NEGOTIABLE PROMISSORY NOTE
@001, referred to as the MAKER, promises to pay to the order of
@002, referred to as the HOLDER, the sum of $ @100 (!100
dollars), with interest at the rate of @101 percent per year.
Provided, that the maximum rate of interest on this debt shall
not exceed any applicable usury limits. In the event that the
rate of interest exceeds the usury limits of the appropriate
jurisdiction, the rate shall be reduced to the maximum lawful
rate.
This note shall be collectible solely from the profits of @001,
determined under generally accepted accounting principles for the
maker under its present system of accounting. The first profits
received after the making of this note shall applied first to the
outstanding interest and second to the outstanding principal. Any
and all subsequent profits shall be paid and applied in the same
manner as described, until the full amount of principal and
interest are repaid.
In the event of default MAKER shall pay all costs of collection
of the HOLDER, including attorneys fees.
Dated: _________________________________
______________________________________________
MAKERUfBody text tQ34pe4-~
$-(#,&p{