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Promissory Note
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PROMISSORY NOTE
$[PRINCIPAL AMOUNT] Date: [LOAN DATE]
FOR VALUE RECEIVED, [BORROWER] ("Borrower"), residing at [BORROWER ADDRESS], promises to pay to the order of [LENDER] ("Lender"), located at [LENDER ADDRESS], the principal sum of $[PRINCIPAL AMOUNT] (Dollars), together with interest accruing at the rate of [INTEREST RATE]% per annum on the unpaid principal balance.
1. REPAYMENT
Repayment shall be made as follows: [REPAYMENT TYPE]. If payments are monthly, Borrower shall pay $[MONTHLY PAYMENT] per month beginning one month from the date of this Note. All outstanding principal and accrued interest shall be due and payable in full on [DUE DATE] ("Maturity Date").
2. PREPAYMENT
Borrower may prepay this Note in whole or in part at any time without penalty. Prepayments shall be applied first to accrued interest and then to outstanding principal.
3. LATE CHARGE
If any payment is more than ten (10) days late, Borrower shall pay a late charge of [LATE CHARGE]% of the overdue payment amount.
4. DEFAULT
Borrower shall be in default if: (a) any payment is not made within thirty (30) days of its due date; (b) Borrower becomes insolvent or files for bankruptcy; or (c) Borrower breaches any term of this Note. Upon default, Lender may declare the entire unpaid principal balance, together with all accrued interest, immediately due and payable.
5. ACCELERATION
Upon default, Lender may, at its option, declare the entire outstanding balance immediately due and payable without prior notice to Borrower.
6. COSTS OF COLLECTION
If this Note is placed in the hands of an attorney for collection, Borrower agrees to pay all reasonable costs of collection, including attorney's fees and court costs.
7. GOVERNING LAW
This Note shall be governed by the laws of the State of [GOVERNING STATE]. Borrower consents to personal jurisdiction and venue in [GOVERNING STATE].
8. WAIVER OF PRESENTMENT
Borrower waives presentment, demand, protest, and notice of dishonor of this Note.
BORROWER:
Signature: _______________________________
Name: [BORROWER]
Address: [BORROWER ADDRESS]
Date: [LOAN DATE]
$[PRINCIPAL AMOUNT] Date: [LOAN DATE]
FOR VALUE RECEIVED, [BORROWER] ("Borrower"), residing at [BORROWER ADDRESS], promises to pay to the order of [LENDER] ("Lender"), located at [LENDER ADDRESS], the principal sum of $[PRINCIPAL AMOUNT] (Dollars), together with interest accruing at the rate of [INTEREST RATE]% per annum on the unpaid principal balance.
1. REPAYMENT
Repayment shall be made as follows: [REPAYMENT TYPE]. If payments are monthly, Borrower shall pay $[MONTHLY PAYMENT] per month beginning one month from the date of this Note. All outstanding principal and accrued interest shall be due and payable in full on [DUE DATE] ("Maturity Date").
2. PREPAYMENT
Borrower may prepay this Note in whole or in part at any time without penalty. Prepayments shall be applied first to accrued interest and then to outstanding principal.
3. LATE CHARGE
If any payment is more than ten (10) days late, Borrower shall pay a late charge of [LATE CHARGE]% of the overdue payment amount.
4. DEFAULT
Borrower shall be in default if: (a) any payment is not made within thirty (30) days of its due date; (b) Borrower becomes insolvent or files for bankruptcy; or (c) Borrower breaches any term of this Note. Upon default, Lender may declare the entire unpaid principal balance, together with all accrued interest, immediately due and payable.
5. ACCELERATION
Upon default, Lender may, at its option, declare the entire outstanding balance immediately due and payable without prior notice to Borrower.
6. COSTS OF COLLECTION
If this Note is placed in the hands of an attorney for collection, Borrower agrees to pay all reasonable costs of collection, including attorney's fees and court costs.
7. GOVERNING LAW
This Note shall be governed by the laws of the State of [GOVERNING STATE]. Borrower consents to personal jurisdiction and venue in [GOVERNING STATE].
8. WAIVER OF PRESENTMENT
Borrower waives presentment, demand, protest, and notice of dishonor of this Note.
BORROWER:
Signature: _______________________________
Name: [BORROWER]
Address: [BORROWER ADDRESS]
Date: [LOAN DATE]