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Complete Home & Office Legal Guide
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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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1993-08-01
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33 lines
NON-NEGOTIABLE PROMISSORY NOTE
PETE'S PRODUCE, referred to as the MAKER, promises to pay to the
order of Patricia Pink, referred to as the HOLDER, the sum of $
500 ( five hundred & no/100 dollars), with interest at the rate of
7 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 PETE'S
PRODUCE, 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: _________________________________
______________________________________________
MAKER