_______________, referred to herein as MAKER, promises to pay to
_______________, referred to as HOLDER, the sum of Rs._________
(______________________________________ & ___/100 rupees), with interest at the rate of ___ per cent, per annum; however, at no time shall the rate of interest charged herein exceed the applicable limit provided by controlling interest and usury statutes. If interest is charged in excess of the applicable maximum rate, any overpaid interest shall be credited to principal.
This note shall be due upon demand. Upon default, the sums due herein shall accrue interest at the highest legal rate. THIS NOTE IS NON-RECOURSE, AND THE HOLDER MAY NOT SEEK RECOURSE TO ANY PERSONAL ASSETS OF THE DEBTOR. The Maker does not agree to subject any of his personal assets to the payment of this debt. However, the HOLDER of this note may seek to subject any and all security for this debt for foreclosure or other applicable legal or equitable remedies….
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