Promissory Note printable pdf download

PROMISSORY NOTE

$[Enter Loan Amount Here]

Date: [Enter Date

Here]

Promissory Note Number: [Enter Promissory Note Number Here]

FOR VALUE RECEIVED, the undersigned, [Enter Credit Union Name Here] (Borrower)

promises to pay to the order of the Community Development Revolving Loan Fund (the Fund)

for credit unions, administered by the National Credit Union Administration (NCUA), an

independent federal regulatory agency, the principal sum of [$Enter Loan Amount Here] in

accordance with the repayment schedule set out below, together with accrued interest from the

date of this note at the rate of [Enter Interest Rate Here %] per annum on the unpaid balance.

1. Repayment Schedule. Payment due under this note must be made by Borrower in the

amounts and on the dates set out below:

Six months from the date of this note

Accrued interest on the unpaid balance

Twelve months from the date of this note

Accrued interest on the unpaid balance

Eighteen months from the date of this

Note, and every six months thereafter until

Accrued interest on the unpaid balance

Maturity

Accrued interest on the unpaid balance,

On the maturity date

together with the entire unpaid principal

balance then outstanding.

Interest accrues from the due date, as set forth above, until payment is received and is

computed on the basis of a year of 365 days and for the actual number of days elapsed in

any partial month.

2. Prepayment. Borrower may prepay all or any part of the outstanding principal without

penalty.

3. Maturity Date. The obligation evidenced by this note matures on [Enter Date of

Maturity Here], at which time the entire outstanding principal balance is due and payable,

together with all accrued but unpaid interest. Borrower understands and acknowledges

that the principal payment due at maturity consists of a balloon payment which includes

the entire unpaid principal balance then outstanding.

4. Remittance Method. Manual Payment. Borrower will submit payment, through the

Pay.gov ACH system in the amount and at the times specified in the Repayment

Schedule, to NCUA on behalf of the Fund.

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Promissory Note