Promissory Note
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1
2PROMISSORY NOTE
Principal amount: $ _________
Date: __________, 20____
FOR VALUE RECEIVED, I,
(Borrower) promise to
repay
(Lender) the sum of
dollars
($
), plus interest at the yearly rate of
(
%).
Repayment shall be made in monthly payments over a month period, consisting
of
($
) per installment on the
day
of the month, commencing on
, 20
, with the final
payment due on
, 20
, or until the principal is paid in full.
If the Borrower fails to make an installment payment when due or fails to comply
with any other term of this promissory note, the loan will be considered in default
and the Borrower will contact the Lender promptly to make arrangements to
bring the loan back into compliance with the terms above. Every effort will be
made by the Borrower to make payments on time, and comply with the terms of
this note.
- Check Here if there is collateral (Optional)
A
to be owned by
, is hereby pledged as
security for the note payable, and title to it will transfer to the Lenders in the
event of default of payment of the loan. Any proceeds from the sale of the
Collateral shall accrue to the Lenders until the note is paid off in full.
The Borrower may repay this note at any time in whole or in part without
premium or penalty. If prepayments are high enough, the loan may be re-
amortized. The Borrower must promptly inform the Lender of any change in
name or address.
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Parent category: Miscellaneous