Installment Promissory Note

INSTALLMENT PROMISSORY NOTE   

                    

Amount:____________________                                                                        Dated:______________________ 

I, _____________________________________________, the undersigned, PAYOR, hereby promise to pay to the Otsego Area School of Practical Nursing (OASPN) and Otsego Northern Catskills Board of Cooperative Educational Services (ONC BOCES), PAYEE, and its successors and assigns the sum of _________________  ($___________) WITHOUT INTEREST by monthly installments of principal only in accordance with the following payment schedule: 

 

Payment Number

 

Payment Due Date

 

Amount of Payment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If I shall fail to make any monthly payment within 15 days of the date it is due I shall pay a late payment fee equal to two percent (2%) of the missed payment for each thirty (30) days or portion thereof that such payment and late fee are not paid.       

I shall have the right and privilege to pay in advance the balance due hereunder or any portion thereof at any time that I shall choose without penalty or premium. If I do make a partial prepayment, I shall still be obligated to make my next scheduled monthly payment.

If I shall default in making any payment(s) due hereunder and it is necessary for ONC BOCES to initiate legal proceedings to collect from me money due it hereunder, I agree that in addition to the money due hereunder I shall also be obligated to pay ONC BOCES, its successors or assigns, the reasonable attorneys= fees and all other costs incurred by ONC BOCES, its successors and assigns, associated with such collection proceedings.

I am signing this installment promissory note for the purpose of financing the cost of my enrollment in adult education courses offered by OASPN/ONC BOCES and in connection therewith I have also signed a separate written agreement entitled: ONC BOCES Adult Education Tuition Payment Credit Agreement, the terms and provisions of which are hereby incorporated in this note, and made a part hereof as if said separate written agreement was set forth herein.      

___________________                                                              ___________________________________

            Date                                                                                               Payor (Student)