HomeMy WebLinkAbout83- Ayers Promissory Note
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$6,480.00 9 August, 1983
Bozeman, Montana
PROMISSORY NOTE
FOR VALUE RECEIVED, the undersigned, David M.
Ayers and Mark D. Ayers, d/b/a FBN Investments of 133 West
Mendenhall, Bozeman, Montana 59715, promise to pay to the
order of the City of Bozeman at 411 East Main, Bozeman,
Montana 59715, or at such other place as is designated from
time to time by the Holder of this note, the sum of Six
Thousand Four Hundred Eighty Dollars ($6,480), at the times
and in the manner as follows:
Seven Hundred Twenty Dollars ($720) plus eight
percent (8%) on the principal balance of Six
Thousand Four Hundred Eighty Dollars ($6,480) on
August 5, 1984, and a like sum of Seven Hundred
Twenty Dollars ($720) plus eight percent (8%) on
the declining principal balance on August 5 of
each succeeding year thereafter until the entire
remaining balance of principal and interest, if
not sooner paid, shall be due and payable on the
5th day of August, 1992. Each of the aforesaid
payments shall be applied first to accrued
interest on the entire outstanding balance at the
rate of eight percent (8%) per annum from the date
hereof, and the remainder to principal. The Maker
may make advance payments on principal at any time
and in such amounts as Maker may elect without
penalty as to interest. Such prepayment shall be
applied on principal in the inverse order of
maturity, and shall not relieve the Maker from
paying the next succeeding installment or
installments of principal and interest due
hereunder.
Any sum payable hereunder not paid when due and payable
shall bear simple interest at the rate of fifteen percent
(15%) per annum until paid.
This note shall become due and payable in full, at the
option of the Holder hereof, immediately upon default in
payment of any installment of principal or interest payable
hereunder, or any part thereof.
Waiver by the Holder hereof of any default by the
undersigned shall not constitute a waiver by the Holder of a
subsequent default. Failure by the Holder to exercise any
right, power or privilege which it may have by reason of a
default by the undersigned shall not preclude the exercise
of such right, power or privilege, so long as such default
remains uncured or if a subsequent default occurs.
The Maker agrees to pay all costs of collection,
including a reasonable attorney's fee, if this note is
placed in the hands of an attorney for collection after
default, and hereby waives demand, presentment for payment,
protest, notice of protest, and no ice of dishonor.
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David M. Ayers ,
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Mark D. Ayers .