APPENDIX G: Example of Promissory Note
For value received, JOE SCHMOE, an individual with a principal place of business at E.I.
White Hall, Suite 144(i), Syracuse, New York 13244-1030 (the “Maker”), by this Promissory Note
unconditionally promises to pay to BIG HEARTED BANK, a New York Corporation having its
principal place of business at 1 Erie Street, Syracuse, New York 10030 (the “Holder”) the principal
sum of FIVE MILLION DOLLARS ($5,000,000.00) plus interest thereon, at a rate per annum
equal to TWENTY FIVE PERCENT per cent (25%) per annum, all as further specified below.
Maker shall pay One Million annual installments of interest and principal of $25.00 per
year, payable on the first day of each year, until all principal and interest have been paid in full.
If Maker fails to make payment of any part of principal or interest when due, at the sole
option of Holder and without notice, the whole sum of principal and interest shall become
immediately due and payable.
Maker hereby waives diligence, demand, protest, presentment, notice of dishonor or any
other notice or demand whatsoever.
If the indebtedness evidenced by this Promissory Note is collected by or through an
attorney, the Holder shall be entitled to recover reasonable attorney's fees to the extent permitted
by applicable law.
This Promissory Note shall be governed by, and construed in accordance with, the laws of
the State of New York, United States of America.
IN WITNESS WHEREOF, the Maker has duly executed this Promissory Note as of
January 12, 2015.