|
ECSI
UNIVERSITY
STUDENT LOAN FUND
PROMISSORY NOTE
I, Joe A Lange, promise to pay to ECSI University the sum of all amounts
that are advanced to me as set forth in the Schedule of Advances below (the
"Loan"), plus interest and other charges and fees that may
become due as provided in this Promissory Note (the "Note").
SCHEDULE OF ADVANCES
The following amount(s) were advanced to me under this Note on the date(s)
indicated:
|
LOAN AMOUNT
|
DATE
|
SIGNATURE OF BORROWER
|
|
$ 1,500.00
|
FALL 2017
|
|
|
$ 1,500.00
|
SPRING 2018
|
|
I understand and agree that:
- I understand and agree
to all of the terms and conditions of this Note. I understand and agree
that at or before the time of the first disbursement under this Note,
one or more disclosure statements will be provided to me setting forth
additional terms of the Note, each of which is hereby incorporated into
this Note. ECSI University and I shall execute this Note without
security and without endorsement. A copy of this Note shall is available
to me and, upon request, ECSI University shall provide a paper copy of
this Note to me. This Note is a signed and sealed instrument.
- I promise to pay to ECSI
University all sums disbursed under the terms of this Note together with
interest at the annual percentage rate of five percent (5%) in
successive equal monthly installments during the repayment period;
provided, however, that in no event shall monthly payment amounts be
less than fifty dollars ($50). The repayment period shall be the period
of ten years beginning on the first day of the sixth full month after
the date on which I cease to be a half-time student at ECSI University.
Interest shall accrue from the beginning of the repayment period.
- I understand that the
amounts advanced to me under this Note may be made in one or more
disbursements. I understand that by accepting any disbursement made
under this Note, I agree to repay the Loan. I understand that each
disbursement is separately enforceable based on a true and exact copy of
this Note. I understand that I may cancel or reduce the amount of the
Loan by not accepting or by returning all or a portion of any disbursement
within the time period stated by ECSI University; provided, however,
that any such reduction or cancellation shall not alter my obligation to
repay other amounts disbursed to me under this Note.
- I may at my option
without penalty prepay all or any part of the principal plus accrued
interest at any time.
- Subject to the
provisions of this Note, I acknowledge and agree that I will be in
default under this Note and ECSI University will have the right to give
me notice that the whole outstanding principal balance, accrued interest
and all other amounts payable to ECSI University under the terms of this
Note are due and payable at once, and cease to make further
disbursements to me under this Note if: (a) I am more than 180 days past
due (late) in paying an installment when due; (b) I break any other
promises in this Note; or (c) I provide any false written statement to ECSI
University or its agents in connection with this Note at any time during
the term of this Note.
If I am in default, interest will continue to accrue on amounts due
under this Note after the event of default. My failure
to receive a billing notice statement does not relieve me of my
responsibility and obligation to make the required payments for amounts
due under this Note.
In the event of my failure to pay any installment when due, I agree to
(a) reimburse ECSI University for the fees of any collection agency,
which may be based on a percentage of the amounts due under this Note,
provided that such percentage shall not exceed 40%, and (b) pay ECSI
University all other costs and expenses incurred in ECSI University's
collection efforts, including reasonable attorney's fees.
Notwithstanding anything herein to the contrary, and so long as ECSI
University has not referred this Note for collection to an outside
collection agency, I will cease, at the discretion of ECSI University,
to be in default if I pay ECSI University all payments then due, but
unpaid, under the Note. If I pay all payments due, but unpaid, under
this Note before this Note has been referred for collection to an
outside collection agency, I will no longer be in default and I shall
continue making payments on this Note in accordance with the provisions
of this Note.
- In the event that I
die, ECSI University's receipt of a certified death certificate will
result in cancellation of the entire amount of the Loan. If I become
totally and permanently disabled, the entire amount of the Loan may, in
the sole discretion of ECSI University, be canceled after ECSI
University's receipt of documentation requested by ECSI University.
- Upon my request, ECSI
University may defer my obligation to repay the Loan while I am at least
a half-time student at an eligible institution of higher education,
provided that ECSI University has received documentation with such
information and in such form as ECSI University requests.
- ECSI University in its
sole discretion may, upon my application, defer or reduce any scheduled
repayments if extraordinary circumstances, such as prolonged illness or
unemployment, prevent me from making such repayments. During any period
in which ECSI University has agreed to defer or reduce my obligations to
make any payments, interest on this Note may, at ECSI University's
option, continue to accrue and may be added to the principal amount due
under this Note.
- I will inform the ECSI
University Loan Office or its billing servicer of any change in my
residential address, email address and telephone numbers, including but
not limited to my mobile telephone number. I authorize ECSI University
and its agents and contractors to contact me at my current and any
future residential address(es),
mobile phone number(s), email address(es) or
wireless device(s) regarding payments due under this Note, or any other
debt I owe ECSI University, including without limitation contact by
using automated telephone dialing equipment or artificial or
pre-recorded voice or text messages, personal calls and email.
- I understand that this
Note is part of an education loan program which is financed in whole or
in part by ECSI University for the purpose of financing my costs of
attendance at ECSI University, and I agree to use the proceeds of this
Note solely for such purpose. I acknowledge that the amounts due under
this Note may be subject to limitations on dischargeability
in bankruptcy contained in the United States Bankruptcy Code.
- I authorize ECSI
University and its agents and contractors to, and agree that each may,
obtain and use one or more consumer reports (credit report) about me
from a consumer reporting agency (credit bureau) in connection with this
Note during the term of the Note. Upon my request, I will be informed
whether or not ECSI University obtained a consumer report about me, and
if so, the name and address of the consumer reporting agency that
furnished the report. ECSI University and its agents and contractors may
report information about this Note to credit bureaus. I acknowledge that
late payments, missed payments, or other defaults by me under this Note
may be reflected in my credit report. I am hereby notified that a
negative credit report reflecting on my credit record may be submitted
to a credit reporting agency if I fail to fulfill the terms of my credit
obligations under this Note. ECSI University is committed to furnishing
complete and accurate information about credit accounts, including this
Note, to consumer reporting agencies. If I believe the information ECSI
University reports about me with respect to this Note is inaccurate, I
will write to: ECSI University P.O. Box 1278 Wexford, Pa 15090, or such
other address which ECSI University may provide to me in writing.
- My responsibility for
repaying this Note shall be unaffected by ECSI University's failure to
notify me that a required payment has not been made. Without losing any
of ECSI University's rights under this Note, ECSI University may accept
late payments and/or partial payments, even if marked "paid in
full." ECSI University will not be obligated to make any demand
upon me, send me any notice, present this Note to me for payment or make
protest of nonpayment to me before suing to collect this Note if I am in
default, and I hereby waive any right I might otherwise have to require
such actions. This Note shall be deemed to have been made in
Massachusetts and shall be governed by Massachusetts law, without regard
to conflict of laws rules. This Note may not be amended without the
written consent of ECSI University and me. I may not assign this Note or
any of its benefits or obligations. ECSI University may assign this Note
at any time. If any provision of this Note is held invalid or
unenforceable, that provision shall be considered omitted from this Note
without affecting the validity or enforceability of the remainder of
this Note. I acknowledge and agree that failure by ECSI University to
exercise any right hereunder with respect to any failure or breach of me
shall not constitute a waiver of the ECSI University's rights as to any
continuing or subsequent breach or failure.
My signature certifies that I have read, understand and agree to the
terms and conditions of this Note, that it is a sealed instrument, and that
any information I provide hereunder is true and correct.
|
Signature:
|
|
|
Date/Time:
|
/
/ : :
|
|
Permanent
Address
|
100
Global View Drive
Warrendale, PA 15086
|
|
Social
Security Number
|
999-99-9999
***-**-2209
|
|