A special meeting of the Board of Directors of
was held on , at , , pursuant to, and, upon a motion
made regularly and in proper order, and seconded, the Board of
Directors of , agreed:
That the corporation shall borrow the original principal sum of $
( & /100 dollars)
from the shareholders, and , under such terms and
conditions, including the pledging of collateral for the loan, and the
opening or maintaining of deposit accounts, and such other terms as
may be needful or required.
That the promissory notes, and any other certifications of indebtedness
as well as any other warranties, bonds, indentures, and other
agreements which may be required by the shareholders, may be signed
on behalf of the corporation by its President,
Secretary of Corporation
, referred to herein as “MAKER”, agrees to pay to the order of
, referred to herein as “HOLDER(s)”, the sum of $___________,
_____________&___/100 Dollars), at their established place of
residence in Florida with interest thereon at rate of ___% per annum,
The principal amount of the note shall be loaned to the corporation in
installments as determined necessary for corporate expenses approved
by the Board of Directors.
Said note shall be payable on demand until the principal balance and
accrued interest are fully paid-off, unless changed by mutual
agreement between the parties.
All payments received shall be credited first to interest and then to
Should MAKER fail to pay any installment when due, then HOLDER shall
have the option to accelerate the payment of the full principal sum and
accrued interest payable.
HOLDER shall have the right for commercially reasonable causes,
including but not limited to, the ins