Real Estate Lien Note
Basic Information
Date:
Maker: [name]
Maker’s Mailing Address: [include county]
Payee: [name], as [his/her] sole and separate property and estate
Place for Payment: [include county]
Principal Amount:
Annual Interest Rate:
Annual Interest Rate on Matured, Unpaid Amounts:
Terms of Payment (principal and interest):
This note [include if applicable: and accrued interest] [is/are] due:
1.on [date];
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And/Or |
2.thirty days after the child, [name of child], is emancipated under the laws of the state of Texas as they then exist;
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And/Or |
3.on the date Maker remarries or begins cohabitation with another person with whom Maker has a dating or romantic relationship in a permanent place of abode on a continuing basis;
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And/Or |
4.on the date Maker ceases to use and reside in the home located at [street address, city], [county] County, Texas, as [his/her] full-time bona fide residence with the child[ren], [name[s] of child[ren]];
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And/Or |
5.thirty days after the date of the death of the child, [name of child];
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And/Or |
6.[other event or occurrence made a condition by the court, such as sale of the residence].
Security for Payment:
Promise to Pay
Maker promises to pay to the order of Payee the principal amount plus interest at the annual interest rate. This note is payable at the place for payment and according to the terms of payment. All unpaid amounts are due by the maturity date. If any amount is not paid either when due under the terms of payment or on acceleration of maturity, Maker promises to pay any unpaid amount plus interest from the date the payment was due to the date of payment at the annual interest rate on matured, unpaid amounts.
Prepayment Clause
Maker may prepay this note in any amount at any time before the maturity date without penalty or premium. Prepayments will be applied to installments on the last maturing principal, and interest on that prepaid principal will immediately cease to accrue.
Defaults and Remedies
If Maker defaults in the payment of this note or in the performance of any obligation in any instrument securing or collateral to this note, Payee may declare the unpaid principal balance, earned interest, and any other amounts owed on the note immediately due and may exercise all other rights and remedies available at law or in equity.
Waivers
Maker and each surety, endorser, and guarantor waive, to the extent permitted by law, all (1) demand for payment, (2) presentation for payment, (3) notice of intention to accelerate maturity, (4) notice of acceleration of maturity, (5) protest, (6) notice of protest, and (7) rights under sections 51.003, 51.004, and 51.005 of the Texas Property Code.
Attorney’s Fees
Maker also promises to pay reasonable attorney’s fees and court and other costs if an attorney is retained to collect or enforce the note. These expenses will bear interest from the date of advance at the annual interest rate on matured, unpaid amounts. Maker will pay Payee these expenses and interest on demand at the place for payment. These expenses and interest will become part of the debt evidenced by the note and will be secured by any security for payment.
Usury Savings
Interest on the debt evidenced by this note will not exceed the maximum rate or amount of nonusurious interest that may be contracted for, taken, reserved, charged, or received under law. Any interest in excess of that maximum amount will be credited on the principal amount or, if the principal amount has been paid, refunded. On any acceleration or required or permitted prepayment, any excess interest will be canceled automatically as of the acceleration or prepayment or, if the excess interest has already been paid, credited on the principal amount or, if the principal amount has been paid, refunded. This provision overrides any conflicting provisions in this note and all other instruments concerning the debt.
Other Clauses
Each Maker is responsible for all obligations represented by this note.
When the context requires, singular nouns and pronouns include the plural.
This note is given to evidence the indebtedness imposed on Maker by the Final Decree of Divorce entered in Cause No. [number] by the [designation] Court of [county] County, Texas, styled “[style of case].”
[Name], Maker
[Address]
This instrument was prepared based on information furnished by the parties, and no independent title search has been made.