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With deposit agreement and assignment of deposit. [Place]
_________ months after date, without grace, for value received, I, or we, jointly and severally, promise to pay to the order of _________ bank at its office in _________, the sum of $_____ with interest from maturity at the rate of _________ percent per year. We, the makers, sureties, endorsers and guarantors of this note, severally waive presentation for payment, notice of nonpayment, protest and notice of protest and diligence of bringing action against any party here, and consent that the time of payment may be extended without notice of this to any of the sureties on this note. It is expressly agreed that if this note is placed in the hands of an attorney for collection or action brought on same, or if collection is effected through bankruptcy or probate court, then, and in that event, we agree to pay the owner or holder of this note _________ percent additional on the principal and interest as attorney's fees. The borrower having agreed to open an industrial savings account with the _________ bank further agrees to make consecutive monthly deposits in the bank as follows: Date of first deposit: [date], and _________ monthly deposits of $_____ each and a _________th and final deposit to be made on [date], in the amount of $_____. Each monthly deposit set forth above shall be due on the _________th day of each month until a fund sufficient to pay off the note shall be available. I, or we, expressly agree that upon default in making such deposits the balance of this note shall become due and payable. If the _________ bank elects to accept a deposit _________ or more days after its due date, then the undersigned agree(s) to pay the bank when such late deposit is made a late penalty charge of $_____ for each monthly deposit _________ or more days past due, to defray the bank's extra expenses in handling such delayed deposit. [Address, phone and signature] Collateral Agreement and Assignment
As my sureties on the above note desire that a sinking fund be created to pay off the note at its maturity, I, the undersigned, in consideration of $_____ paid by the _________ bank, _________, receipt of which is now acknowledged, and for the further consideration of the bank's making a loan to me of $_____ for _________ months, and for the further consideration of the sureties on the note signing it, open an industrial savings account with the _________ bank and agree to make the following number of consecutive monthly deposits in the same account as follows: Date of first deposit: [date], and _________ monthly deposits of $_____ and a _________th and final deposit to be made on, [date], in the amount of $_____. Each monthly deposit set forth above shall be due on the _________th day of each month until a sufficient fund shall have been accumulated to pay the note in full at its maturity. I transfer and assign to the bank my industrial passbook and my industrial savings account represented by the industrial passbook, as additional collateral for the loan, and authorize the bank or its assigns to apply the funds as a credit on my note at any time I fail or refuse to continue to make the deposits as described above, and authorize the bank or the holder of the note, to declare the note due, and when the savings account has accumulated to the amount sufficient to pay the note and the interest, the bank is authorized and directed to apply the proceeds of the industrial savings account to the payment of the note at its maturity. [Address, phone and signature]
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