SAMPLE DOCUMENT

Items in red will differ on actual contract.

PROMISSORY NOTE

Contract# LAND-000_ Cherokee Village, Arkansas
$10,000.00

FOR VALUE RECEIVED, each of the undersigned promises to pay to the order of
AMERICAN LAND COMPANY, LLC, an Arkansas Limited Liability Company, the
principal sum of Ten Thousand Dollars ($10,000.00) with interest from the date of this
Promissory Note, at the rate of Nine per cent (9% simple per annum).
The principal and interest shall be payable without notice at the offices of AMERICAN
LAND COMPANY, LLC, P.O. Box 720, Cherokee Village, AR. 72525 or such other
place as the holder hereof may designate in writing in One Hundred and Twenty (120)
equal and consecutive installments of principal and interest in the amount of One
Hundred Twenty Six and 69/100 Dollars ($126.68) per month, commencing on the
Forth day of August, 2010 and a final installment of principal and interest on the 4
th
day
of July, 2020.
The entire principal amount outstanding hereunder and the accrued interest thereon may
be declared due and payable without notice or demand at the option of the holder in the
event of any one or more of the following events of default:

a. Any monthly installment of principal and interest under this Promissory Note not
paid when due and which remains unpaid for a period of five (5) days thereafter.
b. Any change in the ownership of the real property described in the purchase
money mortgage securing such debt without the prior written consent of the
holder of the indebtedness.
c. Any default as defined in the purchase money mortgage securing this debt.

Failure to exercise such option shall not constitute a waiver of the right to exercise the
same in the event of any subsequent default.

In the event of any default in the payment of this Promissory Note, and if same is
referred to an attorney at law for collection or suit is brought hereon, the undersigned
shall pay in either case, all costs of collection, including reasonable attorneys fees not to
exceed ten per cent (10%) of the amount of principal due plus accrued interest.

The undersigned may prepay the principal amount outstanding hereunder in whole or in
part. Any such prepayment shall be applied first to the payment of accrued interest and
second to the payment of principal; however, any partial payment applied against the
principal amount outstanding hereunder shall not extend or postpone the due dates of any
subsequent monthly payments or change the amount of such payment.

Presentment, protest, and notice of dishonor are hereby waived by all makers, sureties,
guarantors and endorsers hereof. This Promissory Note shall be the joint and several
obligation of all makers, sureties, guarantors and endorsers, and shall be binding upon
them, their heirs, executors, administrators, successors and assigns.

This Promissory Note is given in accordance with the terms of a Contract for the Sale of
Real Estate between the parties hereto of the same date as set forth below and is secured
by a purchase money mortgage of even date herewith on real estate located in Sharp
County, State of Arkansas, and may be accelerated pursuant to its terms.

Witness our hand and seal this ______day of ____________________, 2007.

MAKERS:



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