Promissory Note with Installment Payments

PROMISSORY NOTE $______________ ______________ County, ______________ Date: ______________, 20_____ FOR VALUE RECEIVED, the undersigned, promises to pay to the order of ______________ whose address is _______________________________ (or at such other place as the holder hereof may designate), the sum of _______________________________ ($______________), together with interest of _______ percent per annum, payable in monthly installments of ___________ per month, with the first payment being due on the ____ day of __________, 20___ and a like payment on the same day of each month thereafter until fully paid. THERE will be no pre-payment penalty on this Note. IF DEFAULT is made in payment after demand, and such default shall continue for a period of 10 days, then the holder hereof may, at its option, declare the whole sum then remaining unpaid immediately due and payable. In case of any such default, the undersigned agrees to pay all costs of collection, including a reasonable attorney's fee, whether or not suit is instituted.