when closing a constrution what date do you put on the note the date that the first interest payment is due or when PI payments start?

Can you clarify your question?

On the front of the note it reads I will make my payments on the first day of the month starting _________________ Do we put the first date that the interest payment is due or the PI payment is due? We allow 12 monthes for building exp: 12/01/2005 or 12/01/2006

I would put something like: This note shall be payable in monthly payments of interest only beginning November 1, 2005 and continuing on the first day of each month thereafter, until November 1st, 2006 when this note shall be payable in monthly payments of $_______, applied first to interest and the remainder to principal, due on the first day of each month thereafter until maturity date, when all unpaid principal sum plus accrued interest shall be due.

We actually use an allonge to the note that spells out the construction phase and modifies the note sec 2 and 3 for the construction phase as far as interest only beginning this day and ending this day. On the note itself we list the anticiated first p & i payment