Promissory Note between NEDAK Ethanol, LLC and Payee dated April 8, 2009

Contract Categories: Business Finance › Note Agreements
Summary

NEDAK Ethanol, LLC has issued a promissory note promising to repay a specified sum, with 5% annual interest, to the payee by April 8, 2012. If payment is late, a higher interest rate of 9% applies until paid. The note can be prepaid at any time, and certain legal formalities are waived by the maker. The agreement is signed by Jerome Fagerland, President of NEDAK Ethanol, LLC.

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EX-10.1 2 form10qexh101_051509.htm EXHIBIT 10.1 form10qexh101_051509.htm
 
 
Exhibit 10.1
 
PROMISSORY NOTE

                                                                                                                   

 
 $_____   
  April 8, 2009
 

Holt County, Nebraska

FOR VALUE RECEIVED, NEDAK ETHANOL, LLC, A Limited Liability Company, promises to pay to the order of __________________________, PAYEE, at such place as PAYEE may designate to MAKER in writing, the sum of $_______ with interest on the balance remaining from time to time unpaid at the rate of 5% per annum from April 8, 2009, payable on April 8, 2012.

Should MAKER fail to pay any payment on the payment date, such payment shall bear interest at the rate of nine percent (9%) per annum until the date of payment.

Failure of PAYEE to exercise any right under this Note, on any one default shall not waive the right of PAYEE to exercise such right  or option on any subsequent default.

MAKER waives presentment, protest, notice of protest, diligence in bringing suit hereon, and notice of extension of time for payment.

This Note may be prepaid at any time.


 
 
NEDAK ETHANOL, LLC
A Nebraska Limited Liability Company
  
       
 
By:
/s/ Jerome Fagerland  
    Jerome Fagerland, President, Maker