Non-recourse, non-negotiable promissory note details the terms between debtor and creditor.
NON-RECOURSE, NON-NEGOTIABLE PROMISSORY NOTE
Enter the maker of the note (borrower), referred to herein as MAKER, promises to pay to Enter the name of the holder of the note, referred to as HOLDER, the sum of $ Please enter the amount borrowed in numerals (Please enter the amount borrowed in numerals Dollars),
with interest at the rate of Enter the rate of interest on the note per cent, per annum; however, at no time shall the rate of interest charged herein exceed the applicable limit provided by controlling interest and usury statutes. If interest is charged in excess of the applicable maximum rate, any overpaid interest shall be credited to principal.
Include the following if this note is due: at such a time as funding is available
The entire sum of principal and interest will be due at such a time when there is sufficient funding for the organization.
Upon default, the sums due herein shall accrue interest at the highest legal rate. THIS NOTE IS NON-RECOURSE, AND THE HOLDER MAY NOT SEEK RECOURSE TO ANY PERSONAL ASSETS OF THE DEBTOR. The Maker does not agree to subject any of his personal assets to the payment of this debt. However, the HOLDER of this note may seek to subject any and all security for this debt for foreclosure or other applicable legal or equitable remedies. However, a deficiency, if any, shall not be a personal obligation of the HOLDER. The HOLDER shall be entitled to receive attorney's fees and other costs of collection, provided that the same shall only collected from proceeds from foreclosure or other legal or equitable remedies related to security for this debt, if any. Such attorney's fees and collection costs shall not be a personal obligation of the MAKER and the MAKER's personal assets shall not be subject to the payment of these sums, however any property which is specifically pledged may be subject to foreclosure or other remedy allowed by law.
Enter the maker of the note (borrower)