Cancellation Of Promissory Note (Page 2 of 2) in pdf

Cancellation Of Promissory Note Page 2

ANCELLATION OF

ROMISSORY

OTE

Reference is hereby made to that certain Promissory Note (“Promissory Note”)

dated [DATE], in the face amount of _____________ Dollars ($__________), which

promissory note was executed by [NAME OF BORROWER] (“Borrower”), as maker,

and payable to [NAME OF LENDER] (“Lender”) or order. Reference is hereby further

made to the fact that the Promissory Note is secured by a pledge of Borrower’s stock in

[COMPANY NAME] (“Stock”) to Lender.

As set forth more fully in a certain Memorandum of Understanding by and

between Borrower and Lender dated [DATE], and in consideration of Lender’s partial

repossession of the Stock, the Promissory Note is hereby cancelled, and shall cease to be

of any further force and effect, with respect to the unpaid principal balance and all

accrued and outstanding interest due thereunder as of [DATE].

Executed as a sealed instrument as of the ____ day of _______, 20___.

___________________________

____________________________________

Witness

[NAME]

___________________________

____________________________________

Witness

[NAME]

Cancellation of Promissory Note

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