In consideration for a payroll advancement in the amount of ($ 500.00 ), Five hundred and ------------------------------------00/100 Dollars on this 5th day of May , 19 99 , I, Tom Smith , a current employee of the University of Maryland, Baltimore, hereby agree to the following provisions.
I promise to repay the above specified payroll advancement sum to the University of Maryland, Baltimore, at the Department of Financial Services, 737 West Lombard Street, Baltimore, Maryland 21201, within seventy-two (72) hours of the date of the University of Maryland, Baltimore issuance of my next regular payroll check, or on 5/19/99 , whichever is the earliest date. In the event this debt is not paid when due, I promise to pay interest thereon at the rate of ( 0 %) per year until paid.
I pledge as security for my promise to repay the above specified payroll advancement sum within the prescribed time period, my wages earned or to be earned in my employment with the University of Maryland, Baltimore. In the event I fail to pay said sum when due, I authorize and direct the University of Maryland, Baltimore to satisfy this debt by deducting said sum, together with any interest which may have accrued thereon, from any regular payroll check issued subsequent to the debt due date indicated above. Such authorization and direction includes the right of the University of Maryland, Baltimore, at its option and without prior notice, either to make any such deductions directly from wages owed to me or to act as attorney in fact to collect any such payroll check due me and to endorse my name to the same for the purpose of satisfying said debt; provided, however, that in either instance the University of Maryland, Baltimore shall promptly thereafter pay to me any balance remaining after the debt is satisfied.
In witness of a Notary Public, I hereby acknowledge and execute this agreement at UMB on day of 19 .ATTEST:
| ________________________ Notary Public |
____________________________ Signature |
||
| ________________________ Commission Expiration Date |
____________________________ Address
|
||
| ____________________________
|