04 02 PROMISSORY NOTE (SECURED BY MORTGAGE)

• Jurisdiction: Arkansas
• Library: Arkansas Form Book - Complete (2023 Ed.)

04-02 PROMISSORY NOTE (SECURED BY MORTGAGE)

PROMISSORY NOTE

$[Loan Amount] [date]

FOR VALUE RECEIVED, [BORROWER NAME], an Arkansas [entity type] ("Borrower"), hereby promises to pay to the order of [LENDER NAME], an Arkansas [entity type], or its successors or assigns ("Lender"), at [lender address] or such other place as Lender may designate to Borrower in writing from time to time, in legal tender of the United States, the sum of $[loan amount], subject to the terms and conditions set herein.

1. Definitions. As used throughout this Promissory Note, the following capitalized terms shall have the following meanings:

a. "Credit Agreement" shall collectively mean this Promissory Note and the Mortgage.
b. "Event of Default" shall mean (i) Borrower's failure to pay any required payment of principal or other sums within 10 calendar days following such payment due date hereunder; and/or (ii) Borrower's failure to perform all of its obligations under the Security Agreement within 15 calendar days of Borrower's receipt of Lender's written notice of such failure.
c. "Interest Rate" shall mean [interest rate]%.
d. "Maturity Date" shall mean [date].
e. "Mortgage" shall mean that Mortgage executed concurrently herewith by the parties hereto

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