Promissory Notes

USDA

Form RD 440-22
(Rev. 6-06)

State

PROMISSORY NOTE
(ASSOCIATION OR ORGANIZATION)

County

KIND OF LOAN:
ASSOCIATION- ORGANIZATION
HOUSING-ORGANIZATION

Case No.

FINANCE OFFICE USE ONLY
F

PUBLIC BODY

LN

LC

IA

OTHER

Date
FOR VALUE RECEIVED,
(herein called ''Borrower'') promises to pay to the order of the United States of America, acting through the Rural Housing Service, Rural
Business-Cooperative Service, or Rural Utilities Service within the Rural Development Mission Area, the Farm Service Agency, or their
successor Agencies, United States Department of Agriculture, (herein called the ''Government'') at its office in
, or at such other place as the Government may hereafter designate in
dollars

writing, the principal amount of
($
(
following dates:

), plus interest on the unpaid principal balance at the rate of

percent

%) per annum. The said principal and interest shall be paid in the following installments on or before the

,
on
$
,
on
$
,
on
$
on
, and
$
$
thereafter on the
of each
until the principal and interest are fully paid except that the final installment of the entire indebtedness evidenced hereby,

if not sooner paid, shall be due and payable
) years from the date of this note, and except
(
that prepayments may be made as provided below. The consideration herefor shall support any agreement modifying the
foregoing schedule of payments.
If the total amount of the loan is not advanced at the time of loan closing, the loan shall be advanced to Borrower as requested by
Borrower and approved by the Government and interest shall accrue on the amount of each advance from its actual date as shown on the
reverse hereof.
Every payment made on any indebtedness evidenced by this note shall be applied first to interest computed to the effective date of
the payment and then to principal.
Prepayments of scheduled installments, or any portion thereof, may be made at any time at the option of Borrower. Refunds and
extra payments, as defined in the regulations of the Government according to the source of funds involved, shall, after payment of
interest, be applied to the installments last to become due under this note and shall not affect the obligation of Borrower to pay the
remaining installments as scheduled herein.
If the Government at any time assigns this note and insures the payment thereof, Borrower shall continue to make payments to the
Government as collection agent for the holder. No assignment of this note shall be effective unless the Borrower is notified in writing of
the name and address of the assignee. The Borrower shall thereupon duly note in its records the occurrence of such assignment, together
with the name and address of the assignee.
While this note is held by an insured lender, prepayments as above authorized made by Borrower may, at the option of the
Government, be remitted by the Government to the holder promptly or, except for final payment, be retained by the Government and
remitted to the holder on either a calendar quarter basis or an annual installment due date basis. The effective date of every payment
made by Borrower, except payments retained and remitted by the Government on an annual installment due date basis, shall be the date
of the United States Treasury check by which the Government remits the payment to the holder. The effective date of any prepayment
retained and remitted by the Government to the holder on an annual installment due date basis shall be the date of the prepayment of
Borrower, and the Government will pay the interest to which the holder is entitled accruing between the effective date of any such
prepayment and the date of the Treasury check to the holder.
Position 2

Any amount advanced or expended by the Government for the collection hereof or to preserve or protect any security hereto, or
otherwise under the terms of any security or other instrument executed in connection with the loan evidenced hereby, at the option of
the Government shall become a part of and bear interest at the same rate as the principal of the debt evidenced hereby and be
immediately due and payable by Borrower to the Government without demand. Borrower agrees to use the loan evidenced hereby
solely for purposes authorized by the Government.
Borrower hereby certifies that it is unable to obtain sufficient credit elsewhere to finance its actual needs at reasonable rates and
terms, taking into consideration prevailing private and cooperative rates and terms in or near its community for loans for similar
purposes and periods of time.
If at any time it shall appear to the Government that Borrower may be able to obtain a loan from a responsible cooperative or private
credit source at reasonable rates and terms for loans for similar purposes and periods of time, Borrower will, at the Government's request,
apply for and accept such loan in sufficient amount to repay the Government.
Default hereunder shall constitute default under any other instrument evidencing a debt or other obligation of Borrower to the
Government or securing such a debt or other obligation and default under any such other instrument shall constitute default hereunder.
Upon any such default, the Government at its option may declare all or any part of any such indebtedness immediately due and payable.
This note is given as evidence of a loan to Borrower made or insured by the Government pursuant to the Consolidated Farm and
Rural Development Act if the box opposite ''Association'' is checked under the heading ''KIND OF LOAN,'' or pursuant to Title V of
the Housing Act of 1949 if the box opposite ''HOUSING-ORGANIZATION'' is checked. This note shall be subject to the present
regulations of the Government and to its future regulations not inconsistent with the express provisions hereof.
Presentment, protest, and notice are hereby waived.
(Name of Borrower)
(CORPORATE SEAL)
(Signature of Executive Official)
ATTEST:

(Title of Executive Official)
(Post Office Box No. or Street Address)

(Signature of Attesting Official)

(City, State, and Zip Code)

(Title of Attesting Official)

RECORD OF ADVANCES
AMOUNT

DATE

DATE

AMOUNT

(1) $

(6)$

(2)$

(7)$

(3)$

(8)$

(4)$

(9)$

(5)$

(10)$
TOTAL

$0.00

PAY TO THE ORDER OF

UNITED STATES OF AMERICA
(Name of Agency)
BY