Non-negotiable promissory note.
Enter the name of the MAKER of the note, referred to as the MAKER, promises to pay to the order of Enter the name of the HOLDER of the note, referred to as the HOLDER, the sum of $ Enter, in numerals, the principal sum of the loan (Enter, in numerals, the principal sum of the loan dollars), with interest at the rate of Enter, in numerals, the interest rate 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 Enter the name of the MAKER of the note, 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.