Mk1678e - Demand Promissory Note
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1Demand Promissory Note
FOR VALUE RECEIVED,
(the “Borrower”)
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This section identifies the
Borrower, the Lender, the
Canada (the “Principal”), and interest calculated thereon in the same currency on the unpaid
amount of the loan (the
portion from time to time of the Principal at the rate of
% per annum, calculated
“Principal”) and the interest
rate.
yearly, not in advance, as well after as before maturity and both before and after default and
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This section states that the
The Principal shall become due and be paid in full on demand. Interest, calculated at the afore-
Principal is payable on
demand and sets the terms
said rate and in the aforesaid manner shall become due and payable annually on the first day of
and dates of the interest
January each year and must be paid no later than January 30.*
repayment.
This section states that
Interest payable hereunder will be payable without allowance or deduction for deemed re-
interest will accrue before
investment or otherwise, and such interest will accrue from time to time at the rate and in the
and after default of payment,
or in the event the Lender
manner specified herein both before and after maturity, default and/or judgment, if any, until
obtains judgment, or on
payment thereof, and interest will accrue and be payable on overdue interest at the same rate,
overdue interest on this
compounded monthly.
Promissory Note.
This section permits the
The Borrower hereby waives the benefits of division and discussion, demand and presentment
Lender to demand repayment
of the Promissory Note with-
for payment, notice of non-payment, protest and notice of protest of this Demand Promissory
out notice or other pre-
Note.
conditions.
This Demand Promissory Note will be governed by and construed in accordance with the laws
This section sets out the
applicable laws that govern
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this Promissory Note.
applicable therein.
The date the Promissory Note
DATED
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is signed.
The signature of the
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Borrower and the Witness.
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* If interest is not paid within 30 days after the calendar year end that year’s income and all future years’
income will be attributed back to the lender.
MK1678E (03/2016)
The parties to this agreement may wish to seek the advice of a professional to discuss their specific situation.
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Parent category: Miscellaneous