Fillable Promissory Note printable pdf download

PROMISSORY NOTE

, 20

FOR VALUE RECEIVED,

("Borrower"), promises to pay to _______________________________ (“Lender”) or its

assignee, the sum of

) plus

interest on the unpaid principal balance from the date of this Note at the rate of

percent (

%) per annum; interest and principal shall be payable in

(

) equal

monthly installments of

) each, beginning on

, 20____, and payable on the

(

) day of each month thereafter, until

, 20____, when all

remaining principal and interest outstanding hereunder shall be paid in full.

All

payments

due

hereunder

shall

made

the

Lender

, unless another holder or address

is given in writing to the parties liable hereof.

Borrower reserves the right to prepay at any time the entire unpaid principal balance or

any part thereof without penalty or premium.

Borrower shall pay to the Lender a late charge of one and one-half percent (l ½%) per

month of and for any monthly installment not received by the Lender within fourteen (l4) days

after the installment is due.

In case of default in any payment or other obligation under this Note and if such default

continues for a period of ten (l0) consecutive days after Borrower receives notice in writing from

the Lender regarding the default, the Lender shall have the option to declare due and payable at

once the entire unpaid principal balance hereof and any accrued interest and will also have the

right to increase the interest rate on the entire Note by 5% per year in excess of the interest rate

applicable under this Note

Borrower shall deliver to Lender, on

(Note to drafter: insert the month

and day of the Note here; so if a Note is dated on May 1, 20ll, the words “May 1

” would be

inserted here) of each calendar year financial statements and projections reasonably

satisfactory to Lender. In addition, if the Borrower defaults in the payment of any installment

of principal and interest due under this Note, Borrower will send to Lender, within 14 days of

any request by Lender, (a) satisfactory financial statements reasonably requested by Lender of

the Borrower business all in reasonable detail and certified as complete and correct by Borrower,

and (b) projections reasonably requested by Lender. Lender reserves all other rights hereunder.

Any notice to Borrower under this Note must be given by mailing such notice to

Borrower by certified mail, return receipt requested, addressed to Borrower

or to such other address as Borrower may

designate by notice to Lender. Any notice to Lender under this Note must be given by mailing

such notice to Lender by certified mail, return receipt requested, addressed to Lender

or to such other address as Lender may designate

Promissory Note

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