Seller-Held Promissory Note

Seller-Held Promissory Note - SELLER-HELD PROMISSORY NOTE...

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SELLER-HELD PROMISSORY NOTE 1/1/05 PROPERTY ADDRESS, PROPERY CITY, STATE 0000 [Property Address] FOR VALUE RECEIVED, PURCHASER TRUST, TRUSTEE NAME AS TRUSTEE, the undersigned (hereinafter referred to as "Maker") jointly and severally, does promise to pay to the order of SELLER (hereinafter the “Holder”), the principal sum of SEVEN THOUSAND DOLLARS AND ZERO CENTS ($ 7,000) Dollars (hereinafter the “Principal”), with interest thereon from date hereof at the rate of ZERO percent (0%) per annum on said principal sum, and being repayable in monthly installments of $ ZERO each, commencing on XXX and continuing upon the same day of each month until NOVEMBER 1, 2007 OR SALE OF THE SUBJECT PROPERTY, WHICHEVER SHALL FIRST OCCUR when the entire indebtedness shall be due and payable in full. Each installment, when received, shall be first applied to the payment of interest accrued on the unpaid principal through the date of the receipt of such installment, and the residue thereof shall be credited on the principal. Both principal and interest shall be payable in lawful money of the United States of America, at the office of holder in Atlanta, Georgia, or at such other place as the holder of this Note may designate, in writing.
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