04 02 PROMISSORY NOTE (SECURED BY MORTGAGE)

• Jurisdiction: Arkansas
• Library: Arkansas Form Book - Complete (2024 Supplement)

04-02 PROMISSORY NOTE (SECURED BY MORTGAGE)

Replace Form 04-02 from the main volume with the following:

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. "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.

b. "Interest Rate" shall mean [interest rate]%.

c. "Maturity Date" shall mean [date].

d. "Mortgage" shall mean that Mortgage executed concurrently herewith by the parties hereto to secure the obligations of this Promissory Note, creating a first position mortgage in favor

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