I have been offered a loan but am worried about the worried in the Promissory Note.. Could you read what I posted and let me know if this is on the up and up.
EXHIBIT “A”
PROMISSORY NOTE
$15,000.00 USD 1/8/2009 03/07/2014
Amount of Note Date of Note Due Date
Kathleen Reinheckel the undersigned, (hereinafter called "Borrower"), promises to pay to Credit Direct Financial Group (hereinafter called "Lender"), or order, payable at 33 S 6th St. Flr 41, Minneapolis MN 55441 or such other place specified by Lender in writing, ($15,000.00 USD) with interest thereon at the rate of 6.9 % percent per annum from the date hereof until paid, payable as follow:
TERMS OF NOTE
Loan Amount: $15,000.00 USD
Interest Rate 6.9 %
Monthly Payment: $296.31 USD
Security Fee: $1796.31 USD
First Payment: 03/07/2009 (Two Months Moratorium)
Maturity Date/Final Payment: 03/07/2014
Borrower has pledged, assigned or granted to Lender as collateral for payment of this liability (hereinafter called "Obligation"), the following:
Full Coverage, Long term, Short term, Loss of job, Death.
Upon the happening of any of the following events, each of which shall constitute a default hereunder, the Obligation of the Maker to Lender shall become immediately due and payable at the option of Lender: (1) failure of any Obligor (which shall include each maker, endorser, surety and guarantor of this note) to perform any agreement hereunder or pay any obligation secured hereby when due; (2) death of any Obligor; (3) filing of any petition on Credit Direct Financial Group by or against any Obligor; (4) application for appointment of a receiver for, making of a general assignment for the benefit of creditors by, or insolvency of any Obligor, or (5) an Event of Default under any Security Agreement executed in connection herewith.
Upon occurrence of any such event or at any time thereafter, Lender shall have the remedies of a secured party under Uniform Commercial Code of Pennsylvania or real estate laws, as applicable to the security.
All Obligors waive protest of this note. If this note is not paid when due, all Obligors agree to pay all costs and expenses of collection, including reasonable attorneys' fees and legal expenses, all of which are secured by the Collateral. Any demand upon or notice to Maker shall be sufficiently served for all purposes if personally delivered or placed in the mail addressed to the address shown above or such other address as may be shown on Lender's records.
PRESENTMENT for payment, demand, notice of dishonor, protest, notice of protest and any homestead or personal property exemption allowed by the constitutions or laws of any state are hereby waived by the undersigned. Failure by the holder here to exercise any option granted it hereunder shall not constitute a waiver of future rights. The term "undersigned" as used herein shall include all makers, co-makers, endorsers, sureties and guarantors hereof.
THERE will be no pre-payment penalty on this Note.
IF DEFAULT is made in the payment specified herein, or any part thereof, and such default shall continue for a period of 10 days, then the holder may -at its option- declare the whole sum then remaining unpaid immediately due and payable.
