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Form: CH15_01
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APPROVAL OF CORPORATE LOAN TO INSIDER
It was resolved that the ___["board" or "shareholders"]___ approved the following loan
to the following person under the following terms:
Name and Title of Borrower: ___[name and title of director, officer, employee, or
shareholder who is borrowing the funds]___
Principal Amount of Loan: $___[principal amount of the loan -- or refer to promissory
note: "see attached note for terms of loan" and leave all loan terms below blank]___
Rate of Interest: ___[interest rate]___%
Term of Loan: ___[number of months or year if a term loan, or "payable on demand by
corporation" if a demand loan]___
Payment Schedule:
___[specify number and amount of payments, whether they consist of interest or
principal and interest, and date and amount of final payment]___
It was further resolved that the above loan could reasonably be expected to benefit the
corporation and that the corporation would be able to make the loan payments without
jeopardizing its financial position, including its ability to pay its bills as they become due.
___[If you are making the loan to a shareholder/employee and you wish to have the loan
considered employment-related, add the following paragraph: "It was further resolved
that the loan approved by the board was being made solely in connection with the
performance of services rendered (or 'to be rendered') the corporation by the borrower
(and add any additional details, such as ' in particular, as a reward for increasing the
productivity of the corporation during the preceding fiscal year in her position as assistant
sales manager')."]____
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Form: CH15_02
Promissory Note: Monthly Installment Payments of Principal and Interest (Amortized
Loan)
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PROMISSORY NOTE
Monthly Installment Payments of Principal and Interest (Amortized Loan)
For Value Received, ___[name(s) of director, officer, shareholder, or other borrower
(also list name of spouse as borrower here if previous person is married, and have
spouse sign as borrower #2 at bottom of note)]___, the borrower(s), promise(s) to pay to
the order of ____[name of corporation]___, the noteholder, the principal amount of
$____[principal amount of loan]___, together with simple interest on the unpaid
principal balance from the date of this note until the date this note is paid in full, at the
annual rate of ____[annual rate of interest]___%. Payments shall be made at

____[address of corporation]___.
Principal and interest shall be paid in equal installments of $____[amount of each
payment]___, beginning on ____[date of first payment]___, 20__, and continuing on
____[day for ongoing payments, for example "the fifteenth day of each month"]___ until
the principal and interest are paid in full. Each payment on this note shall be applied first
to accrued but unpaid interest and the remainder shall be applied to unpaid principal.
This note may be prepaid by the borrower(s) in whole or in part at any time without
penalty. This note is not assumable without the written consent of the noteholder, which
consent shall not be unreasonably withheld. This note is nontransferable by the
noteholder.
If any installment payment due under this note is not received by the noteholder within
____[number of days]___ of its due date, the entire amount of unpaid principal and
accrued but unpaid interest of the loan shall, at the option of the noteholder, become
immediately due and payable without prior notice by the noteholder to the borrower(s). In
the event of a default, the borrower(s) shall be responsible for the costs of collection,
including, in the event of a lawsuit to collect on this note, the noteholder's reasonable
attorneys' fees as determined by a court hearing the lawsuit. If two persons sign below,
each shall be jointly and severally liable for repayment of this note.
Signature of Borrower #1: _____________________________
Name of Borrower #1: __________________________________
Address: ______________________________________________
City or County, State Where Signed: ___________________
Date of Signing: ______________________________________
Signature of Borrower #2: _____________________________
Name of Borrower #2: __________________________________
Address: ______________________________________________
City or County, State Where Signed: ___________________
Date of Signing: ______________________________________
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Form: CH15_03
Promissory Note: Installment Payments of Principal and Interest (Amortized Loan)
Secured by Property
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PROMISSORY NOTE
Installment Payments of Principal and Interest (Amortized Loan) Secured by
Property
For Value Received, ___[name(s) of director, officer, shareholder, or other borrower
(also list name of spouse as borrower here if previous person is married, and have

spouse sign as borrower #2 at bottom of note)]___, the borrower(s), promise(s) to pay to

the order of ____[name of corporation]___, the noteholder, the principal amount of
$____[principal amount of loan]___, together with simple interest on the unpaid
principal balance from the date of this note until the date this note is paid in full, at the
annual rate of ____[annual rate of interest]___%. Payments shall be made at
____[address of corporation]___.
Principal and interest shall be paid in equal installments of $____[amount of each
payment]___, beginning on ____[date of first payment]___, 20__, and continuing on
____[day for ongoing payments, for example "the fifteenth day of each month"]___ until
the principal and interest are paid in full. Each payment on this note shall be applied first
to accrued but unpaid interest and the remainder shall be applied to unpaid principal.
This note may be prepaid by the borrower(s) in whole or in part at any time without
penalty. This note is not assumable without the written consent of the noteholder, which
consent shall not be unreasonably withheld. This note is nontransferable by the
noteholder.
If any installment payment due under this note is not received by the noteholder within
____[number of days]___ of its due date, the entire amount of unpaid principal and
accrued but unpaid interest of the loan shall, at the option of the noteholder, become
immediately due and payable without prior notice by the noteholder to the borrower(s). In
the event of a default, the borrower(s) shall be responsible for the costs of collection,
including, in the event of a lawsuit to collect on this note, the noteholder's reasonable
attorneys' fees as determined by a court hearing the lawsuit. If two persons sign below,
each shall be jointly and severally liable for repayment of this note.
Borrower(s) agree(s) that until such time as the principal and interest owed under this
note are paid in full, the note shall be secured by the following described mortgage, deed
of trust, or security agreement:
___[describe security agreement or deed of trust or mortgage used to pledge security of
the property, including a description of the property]___.
Signature of Borrower #1: _____________________________
Name of Borrower #1: __________________________________
Address: ______________________________________________
City or County, State Where Signed: ___________________
Date of Signing: ______________________________________
Signature of Borrower #2: _____________________________
Name of Borrower #2: __________________________________
Address: ______________________________________________
City or County, State Where Signed: ___________________
Date of Signing: ______________________________________

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Form: CH15_04
Promissory Note: Installment Payments of Principal and Interest (Amortized Loan) with
Balloon Payment
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PROMISSORY NOTE
Installment Payments of Principal and Interest (Amortized Loan) with Balloon
Payment
For Value Received, ___[name(s) of director, officer, shareholder, or other borrower
(also list name of spouse as borrower here if previous person is married, and have
spouse sign as borrower #2 at bottom of note]___, the borrower(s), promise(s) to pay to
the order of ____[name of corporation]___, the noteholder, the principal amount of
$____[principal amount of loan]___, together with simple interest on the unpaid
principal balance from the date of this note until the date this note is paid in full, at the
annual rate of ____[annual rate of interest]___%. Payments shall be made at
____[address of corporation]___.
Principal and interest shall be paid in equal installments of $____[amount of each
payment]___, beginning ____[date of first payment]___, 20__, and continuing on
____[day for ongoing payments, for example "the fifteenth day of each month"]___,
except that a final payment of the remaining unpaid principal amount together with all
accrued but unpaid interest shall be paid on ____[date of balloon payment]___. Each
payment on this note shall be applied first to accrued but unpaid interest and the
remainder shall be applied to unpaid principal.
This note may be prepaid by the borrower(s) in whole or in part at any time without
penalty. This note is not assumable without the written consent of the noteholder, which
consent shall not be unreasonably withheld. This note is nontransferable by the
noteholder.
If any installment payment due under this note is not received by the noteholder within
____[number of days]___ of its due date, the entire amount of unpaid principal and
accrued but unpaid interest of the loan shall, at the option of the noteholder, become
immediately due and payable without prior notice by the noteholder to the borrower(s). In
the event of a default, the borrower(s) shall be responsible for the costs of collection,
including, in the event of a lawsuit to collect on this note, the noteholder's reasonable
attorneys' fees as determined by a court hearing the lawsuit. If two persons sign below,
each shall be jointly and severally liable for repayment of this note.
Signature of Borrower #1: _____________________________
Name of Borrower #1: __________________________________
Address: ______________________________________________
City or County, State Where Signed: ___________________
Date of Signing: ______________________________________

Signature of Borrower #2: _____________________________

Name of Borrower #2: __________________________________
Address: ______________________________________________
City or County, State Where Signed: ___________________
Date of Signing: ______________________________________
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Form: CH15_05
Promissory Note: Periodic Payments of Principal and Interest with Lump Sum Principal
Payment
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PROMISSORY NOTE
Periodic Payments of Interest with Lump Sum Principal Payment
For Value Received, ___[name(s) of director, officer, shareholder, or other borrower
(also list name of spouse as borrower here if previous person is married, and have
spouse sign as borrower #2 at bottom of note)]___, the borrower(s), promise(s) to pay to
the order of ____[name of corporation]___, the noteholder, the principal amount of
$____[principal amount of loan]___, together with simple interest on the unpaid
principal balance from the date of this note until the date this note is paid in full, at the
annual rate of ____[annual rate of interest]___%. Payments shall be made at
____[address of corporation]___.
Interest shall be paid in equal installments of $____[amount of each interest
payment]___, beginning on ____[date of first payment]___, 20__, and continuing on
____[day for ongoing payments, for example "the fifteenth day of each month"]___ until
____[ending date of loan payment]___, on which date the entire principal amount,
together with total accrued but unpaid interest, shall be paid by the borrower(s).
This note may be prepaid by the borrower(s) in whole or in part at any time without
penalty. This note is not assumable without the written consent of the noteholder, which
consent shall not be unreasonably withheld. This note is nontransferable by the
noteholder.
If any installment payment due under this note is not received by the noteholder within
____[number of days]___ of its due date, the entire amount of unpaid principal and
accrued but unpaid interest under this note shall, at the option of the noteholder, become
immediately due and payable without prior notice by the noteholder to the borrower(s). In
the event of a default, the borrower(s) shall be responsible for the costs of collection,
including, in the event of a lawsuit to collect on this note, the noteholder's reasonable
attorneys' fees as determined by a court hearing the lawsuit. If two persons sign below,
each shall be jointly and severally liable for repayment of this note.
Signature of Borrower #1: _____________________________
Name of Borrower #1: __________________________________

Address: ______________________________________________
City or County, State Where Signed: ___________________
Date of Signing: ______________________________________
Signature of Borrower #2: _____________________________
Name of Borrower #2: __________________________________
Address: ______________________________________________
City or County, State Where Signed: ___________________
Date of Signing: ______________________________________
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Form: CH15_06
Promissory Note: Lump Sum Payment of Principal and Interest at Specified Date
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PROMISSORY NOTE
Lump Sum Payment of Principal and Interest at Specified Date
For Value Received, ___[name(s) of director, officer, shareholder, or other borrower
(also list name of spouse as borrower here if previous person is married, and have
spouse sign as borrower #2 at bottom of note)]___, the borrower(s), promise(s) to pay to
the order of ____[name of corporation]___, the noteholder, the principal amount of
$____[principal amount of loan]___, together with simple interest on the unpaid
principal balance from the date of this note until the date this note is paid in full, at the
annual rate of ____[annual rate of interest]___%. Payments shall be made at
____[address of corporation]___.
The entire principal amount of the loan, together with total accrued but unpaid interest,
shall be paid by the borrower(s) on ____[due date for payment of all principal and
interest]___. Any payment made under this note shall be applied first to accrued but
unpaid interest and the remainder shall be applied to unpaid principal.
This note may be prepaid by the borrower(s) in whole or in part at any time without
penalty. This note is not assumable without the written consent of the noteholder, which
consent shall not be unreasonably withheld. This note is nontransferable by the
noteholder.
In the event of a default, the borrower(s) shall be responsible for the costs of collection,
including, in the event of a lawsuit to collect on this note, the noteholder's reasonable
attorneys' fees as determined by a court hearing the lawsuit. If two persons sign below,
each shall be jointly and severally liable for repayment of this note.
Signature of Borrower #1: _____________________________
Name of Borrower #1: __________________________________
Address: ______________________________________________
City or County, State Where Signed: ___________________

Date of Signing: ______________________________________

Signature of Borrower #2: _____________________________
Name of Borrower #2: __________________________________
Address: ______________________________________________
City or County, State Where Signed: ___________________
Date of Signing: ______________________________________
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Form: CH15_07
Promissory Note: Lump Sum Payment of Principal and Interest on Demand by
Noteholder
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PROMISSORY NOTE
Lump Sum Payment of Principal and Interest on Demand by Noteholder
For Value Received, ___[name(s) of director, officer, shareholder, or other borrower
(also list name of spouse as borrower here if previous person is married, and have
spouse sign as borrower #2 at bottom of note)]___, the borrower(s), promise(s) to pay to
the order of ____[name of corporation]___, the noteholder, the principal amount of
$____[principal amount of loan]___, together with simple interest on the unpaid
principal balance from the date of this note until the date this note is paid in full, at the
annual rate of ____[annual rate of interest]___%. Payments shall be made at
____[address of corporation]___.
The entire principal amount of the loan, together with total accrued but unpaid interest,
shall be paid within ____[period, for example "30 days"]___ of receipt by the
borrower(s) of demand for repayment by the noteholder. A demand for repayment by the
noteholder shall be made in writing and delivered or mailed to the borrower(s) at the
following address: ___[address of borrower and address of spouse if they are
coborrowers]___. If demand for repayment is mailed, it shall be considered received by
the borrower(s) on the third business day after the date when it was deposited in the U.S.
mail as registered or certified mail.
Any payment made under this note shall be applied first to accrued but unpaid interest
and the remainder shall be applied to unpaid principal.
This note may be prepaid by the borrower(s) in whole or in part at any time without
penalty. This note is not assumable without the written consent of the noteholder, which
consent shall not be unreasonably withheld. This note is nontransferable by the
noteholder.
In the event of a default, the borrower(s) shall be responsible for the costs of collection,
including, in the event of a lawsuit to collect on this note, the noteholder's reasonable
attorneys' fees as determined by a court hearing the lawsuit. If two persons sign below,

each shall be jointly and severally liable for repayment of this note.
Signature of Borrower #1: _____________________________
Name of Borrower #1: __________________________________
Address: ______________________________________________
City or County, State Where Signed: ___________________
Date of Signing: ______________________________________
Signature of Borrower #2: _____________________________
Name of Borrower #2: __________________________________
Address: ______________________________________________
City or County, State Where Signed: ___________________
Date of Signing: ______________________________________
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Form: CH15_08
Promissory Note: Variable Schedule of Payments of Principal and Interest
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PROMISSORY NOTE
Variable Schedule of Payments of Principal and Interest
For Value Received, ___[name(s) of director, officer, shareholder, or other borrower
(also list name of spouse as borrower here if previous person is married, and have
spouse sign as borrower #2 at bottom of note)]___, the borrower(s), promise(s) to pay to
the order of ____[name of corporation]___, the noteholder, the principal amount of
$____[principal amount of loan]___, together with simple interest on the unpaid
principal balance from the date of this note until the date this note is paid in full, at the
annual rate of ____[annual rate of interest]___%. Payments shall be made at
____[address of corporation]___.
Principal and interest shall be paid as follows:
____[include schedule of payments here]____.
[For last payment, you can insert the following: "The borrower(s) shall make a final
payment in the amount of all remaining principal and all accrued but unpaid interest on
____(date)___."]
This note may be prepaid by the borrower(s) in whole or in part at any time without
penalty. This note is not assumable without the written consent of the noteholder, which
consent shall not be unreasonably withheld. This note is nontransferable by the
noteholder.
If any installment payment due under this note is not received by the noteholder within
__________ of its due date, the entire amount of unpaid principal and accrued but unpaid
interest of the loan shall, at the option of the noteholder, become immediately due and

payable without prior notice by the noteholder to the borrower(s). In the event of a
default, the borrower(s) shall be responsible for the costs of collection, including, in the
event of a lawsuit to collect on this note, the noteholder's reasonable attorneys' fees as
determined by a court hearing the lawsuit. If two persons sign below, each shall be jointly
and severally liable for repayment of this note.
Signature of Borrower #1: _____________________________
Name of Borrower #1: __________________________________
Address: ______________________________________________
City or County, State Where Signed: ___________________
Date of Signing: ______________________________________
Signature of Borrower #2: _____________________________
Name of Borrower #2: __________________________________
Address: ______________________________________________
City or County, State Where Signed: ___________________
Date of Signing: ______________________________________
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Form: CH15_09
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RELEASE OF PROMISSORY NOTE
The undersigned noteholder, ___[name and address of noteholder]___, in consideration
of full payment of the promissory note dated ___[date of note]___ in the principal
amount of $____[principal amount of loan]___, hereby releases and discharges the
borrower(s), ___[name of borrower(s)]___, ____[address of borrower(s)]____ from any
claims or obligations on account of the note.
Date: ____________________
Name of Noteholder: ___[name of noteholder]___
By: ___[signature of treasurer]___, Treasurer
Signature: ____________________________________