___________________________, ________
___________________________,
______________
[Date] [City] [State]
________________________________________________________________
____________________________________
[Property Address]
1. BORROWER’S PROMISE TO PAY
In return for a loan that I have received,
I promise to pay INDIA
Rs.____________________
(this amount is called “Principal”), plus interest, to the order of the Len d
er. The Lender is
________________________________________________________________
________________. I will make all payments under this Note in the form of cash,
check or money order.
I understand that the
Lender may transfer this Note. The Lender or anyone who takes this Note by
transfer and who is entitled to receive payments under this Note is called the
“Note Holder.”
2.
INTEREST
Interest will be charged on
unpaid principal until the full amount of Principal has been paid. I will pay
interest at a yearly rate of _______________%.
The interest rate
required by this Section 2 is the rate I will pay both before and after any
default described in Section 6(B) of this Note.
3.
PAYMENTS
(A) Time and Place of Payments
I will pay principal and interest by
making a payment every month.
I will make my monthly
payment on the _________ day of each month beginning on __________________,
_____. I will make these payments every month until I have paid all of the
principal and interest and any other charges described below that I may owe
under this Note. Each monthly payment will be applied as of its scheduled due
date and will be applied to interest before Principal. If, on
__________________________, 20____, I still owe amounts under this Note,
I will pay those amounts in full on that
date, which is called the “Maturity Date.”
I will make my
monthly payments at
________________________________________________________________
_____ ______________________________ or at a different place if required by the
Note Holder.
(B) Amount of Monthly Payments
My monthly payment will
be in
the amount
of INDIA
Rs._______________________________.
4. BORROWER’S RIGHT TO PREPAY
I have the right to make
payments of Principal at any time before they are due. A payment of Principal
only is known as a “Prepayment.” When I make a
Prepayment, I will tell
the Note Holder in writing that I am doing so. I may not designate a payment as
a Prepayment if I have not made all the monthly payments due under the Note.
I may make a full
Prepayment or partial Prepayments without paying a Prepayment charge. The Note
Holder will use my Prepayments to reduce the amount of Principal that I owe
under this Note. However, the Note Holder may apply my Prepayment to the
accrued and unpaid interest on the Prepayment amount, before applying my
Prepayment to reduce the Principal amount of the Note. If I make a partial
Prepayment, there will be no changes in the due date or in the amount of my
monthly payment unless the Note Holder agrees in writing to those changes.
5.
LOAN CHARGES
If a law, which applies
to this loan and which sets maximum loan charges, is finally interpreted so
that the interest or other loan charges collected or to be collected in
connection with this loan exceed the permitted limits, then: (a) any such loan
charge shall be reduced by the amount necessary to reduce the charge to the
permitted limit; and (b) any sums already collected from me which exceeded
permitted limits will be refunded to me. The Note Holder may choose to make
this refund by reducing the Principal I owe under this Note or by making a
direct payment to me. If a refund reduces Principal, the reduction will be
treated as a partial Prepayment.
MULTISTATE FIXED RATE
NOTE—Single Family—Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3200 1/01
(page 1 of 3 pages)
6.
BORROWER’S FAILURE TO PAY AS
REQUIRED
(A)
Late Charge for Overdue
Payments
If the Note Holder has
not received the full amount of any monthly payment by the end of ___________
calendar days after the date it is due, I will pay a late charge to the Note
Holder. The amount of the charge will be _____% of my overdue payment of
principal and interest. I will pay this late charge promptly but only once on
each late payment.
(B)
Default
If I do not pay the full
amount of each monthly payment on the date it is due, I will be in default.
(C)
Notice of Default
If I am in default, the
Note Holder may send me a written notice telling me that if I do not pay the
overdue amount by a certain date, the Note Holder may require me to pay
immediately the full amount of Principal which has not been paid and all the
interest that I owe on that amount. That date must be at least 30 days after
the date on which the notice is mailed to me or delivered by other means.
(D)
No Waiver By Note Holder
Even if, at a time when I
am in default, the Note Holder does not require me to pay immediately in full
as described above, the Note Holder will still have the right to do so if I am
in default at a later time.
(E)
Payment of Note Holder’s Costs
and Expenses
If the Note Holder has
required me to pay immediately in full as described above, the Note Holder will
have the right to be paid back by me for all of its costs and expenses in
enforcing this Note to the extent not prohibited by applicable law.
Those expenses include, for example,
reasonable attorneys’ fees.
7.
GIVING OF NOTICES
Unless applicable law
requires a different method, any notice that must be given to me under this
Note will be given by delivering it or by mailing it by first class mail to me
at the Property Address above or at a different address if I give the Note Holder
a notice of my different address.
Any notice that must be
given to the Note Holder under this Note will be given by delivering it or by
mailing it by first class mail to the Note Holder at the address stated in
Section 3(A) above or at a different address if I am given a notice of that
different address.
8.
OBLIGATIONS OF PERSONS UNDER
THIS NOTE
If more than one person
signs this Note, each person is fully and personally obligated to keep all of
the promises made in this Note, including the promise to pay the full amount
owed. Any person who is a guarantor, surety or endorser of this Note is also
obligated to do these things. Any person who takes over these obligations,
including the obligations of a guarantor, surety or endorser of this Note, is
also obligated to keep all of the promises made in this Note. The Note Holder
may enforce its rights under this Note against each person individually or
against all of us together. This means that any one of us may be required to
pay all of the amounts owed under this Note.
9.
WAIVERS
I and any other person
who has obligations under this Note waive the rights of Presentment and Notice
of Dishonor.
“Presentment” means the
right to require the Note Holder to demand payment of amounts due. “Notice of
Dishonor” means the right to require the Note Holder to give notice to other
persons that amounts due have not been paid.
10. UNIFORM SECURED NOTE
This Note is a uniform
instrument with limited variations in some jurisdictions. In addition to the
protections given to the Note Holder under this Note, a
Mortgage, Deed of Trust,
or Security Deed (the “Security Instrument”), dated the same date as this Note,
protects the Note Holder from possible losses which might result if I do not
keep the promises which I make in this Note. That Security Instrument describes
how and under what conditions I may be required to make immediate payment in
full of all amounts I owe under this Note. Some of those conditions are
described as follows:
If all or any part of the
Property or any Interest in the Property is sold or transferred (or if Borrower
is not a natural person and a beneficial interest in
Borrower is sold or
transferred) without Lender’s prior written consent, Lender may require
immediate payment in full of all sums secured by this Security Instrument.
However, this option shall not be exercised by Lender if such exercise is
prohibited by Applicable Law.
If Lender exercises this
option, Lender shall give Borrower notice of acceleration. The notice shall
provide a period of not less than 30 days from the date the notice is given in
accordance with Section 15 within which Borrower must pay all sums secured by
this Security Instrument. If Borrower fails to pay these sums prior to the
expiration of this period, Lender may invoke any remedies permitted by this
Security Instrument without further notice or demand on Borrower.
WITNESS THE HAND(S) AND SEAL(S) OF THE
UNDERSIGNED.
__________________________________________________________(Seal)-
Borrower
__________________________________________________________(Seal)-
Borrower
__________________________________________________________(Seal)-
Borrower
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