HomeMy WebLinkAbout962981PROMISSORY NOTE
00271
$139,000
Fore value received, the undersigned JOESPH J SCHMID (the "barrower P.O.Box 96, LaBarge,
Wyoming 83123_ promises to pay to the order of Bito Cantu
(the "lender at Box 726, Carlin, Nevada 98822, (or at such other place as the
lender may designate in writing) the sum of $139000 with interest from March 1"
2012 on the unpaid principal at the rate of 6% per annum.The unpaid principal and accured interest
shall be payable in monthly installments
of $1172.96, beginning on MARCH 2012 and continuing until SEPTEMBER 1 2012
(The "Due Date At which time the remaining unpaid principal and interest shall be
Due in FULL. Of $134,830
All payments on this Note Shall be applied first in payments of accrued interest and any
remaining in payment of principal. The Borrower promises to pay a late charge of $100.00
for each installment theat remains unpaid more than 5 day(s) after its Due Date. This late charge
shall be paid as liquidated damages in lieu of actual damages, and not as a penalty.
If any payment obligation under this Note is not paid when due, the remaining unpaid principal
balance and any accrued interest shall become due immediately at option of Lender. This Note is
secured by a property discription on contract for deed. Lot 3 and 4 lock 1.West Vally Subdivision
LaBarge, Wyoming 83123. Dated/ -.2 Q The Lender is not requird
to rely on the aboye security instrument and the s secured therein for the payment of this
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Note in the case of default, but may proceed directly against the Borrower, The (Borrow)reserves the
right to prepay this Note (in whole or in part) prior to the Due Date with no prepayment penalty.if any
payment obligation under this Note is not paid when due, the Barrower promises to pay all costs
of collection, including reasonable attorney fees, whether or not lawsuits is commenced as part of the
collection process.If any of the following events of default accur, this Note and any other obligations
of the Borrower to the Lender, shall become due immediately, without demand or notice.
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1) the failure of the Borrower to pay the principal and any accrued interest in full on or before
the Due Date;
2) the death of the Borrower or Lender;
3) the filing of bankruptcy proceedings involving the Borrower as a debtor;
4) the application for the appointment of a receiver for the Borrower;
5) the making of a general assignment for the benefit of the Borrower's creditors;
6) the insolvency of the Borrower;
7) a misrepresentation by the Borrower to the Lender for the purpose of obtaining or
extending credit.
In addition, the Borrower shall be in default if there is a sale, transfer, assignment, or any other
disposition of any real estate pledged as collateral for the payment of this Note, or if there is a
default in any security agreement which secures this Note.
If any or mom of to provisions of this Nato &e deter nin d to bo unonf w o r
in part, for any reason, the remaining provisions shall remain fully operative.
All payments of principal and interest on this Note shall be paid in the legal currency of the United
States. The Borrower waives presentment for payment, protest, and notice of protest and
nonpayment of this Note.
No renewal or extension of this Note, delay in enforcing any right of the Lender under this Note,
or assignment by Lender of this Note shall affect the liability or the obligations of the Borrower. All
rights of the Lender under this Note are cumulative and may be exercised concurrently or
consecutively at the Lender's option.
This Note shall be construed in accordance with the laws of the State of Wyoming.
Signed t n is 2 "7 day of c ___</9-(44 9 e at
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SPH J CHMID
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