For value received, _________(the "Undersigned") promises to pay to the order of _________, and _________, jointly at _________(address), the principal sum of $_____, with interest at the rate of _________ percent per year from the date of this note payable quarterly commencing [date], with the principal sum and all accrued interest due and payable in full on [date].

This note shall, at the option of its holder, become immediately due and payable, without notice or demand, upon the happening of any one of the following specified events: (1) failure to pay any amount as set forth; (2) in the performance of any obligation to the holder; (3) insolvency (however evidenced) or the commission of an act of insolvency; (4) the making of a general assignment for the benefit of credits; (5) the filing of any petition or the commencement of any proceeding by or against the Undersigned or any endorser or guarantor for any relief under any bankruptcy or insolvency laws, or any laws relating to the relief of debtors, readjustment of indebtedness, reorganizations, compositions, or extensions; (6) the past or future making of a false representation or warranty by the undersigned in connection with any loan or loans by holder to the undersigned.

The undersigned waives presentment, demand for payment, notice of dishonor, and any or all other notices or demands in connection with the delivery, acceptance, performance, default, or enforcement of this note and consents to any extensions of time, renewals, releases of any party to this note, waivers or modifications that may be granted or consented to by the holder in respect of the time of payment of any other provisions of this note.

Upon default of payment, the holder may at its election, unless it has previously exercised its right to make this note immediately due and payable, accept payment of all amounts in arrears and, in the event that any such defaulted payment at the time of such payment is more than _________ days in arrears, the undersigned further agrees to pay in addition to other amounts due, a late charge equal to _________ cents for each dollar of the principal amount in arrears. In the event the holder shall institute any action for the enforcement of the collection of the monies due on this note, there shall be immediately due from each of the undersigned, in addition to the unpaid principal and late charges, all costs and expenses of such action, and an attorney fee of _________ percent of the amount then owing unpaid by the undersigned.

The Undersigned

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