Common use of Note for Unpaid Balance Clause in Contracts

Note for Unpaid Balance. Unless otherwise expressly provided herein, any unpaid balance owing under this Agreement shall be evidenced by an installment promissory note executed by the purchaser to the order of the seller providing for an interest rate equal to the prime rate of Bank of America on the business day prior to the closing date. The note shall give the purchaser the option of prepaying the principal in full or in part at any time without penalty.