Promissory Note printable pdf download

PROMISSORY NOTE

I, ____________, acknowledge that I was overpaid by my employer,

________________________, a total gross amount of $_____, during the period

________________. It is my obligation to repay the amount of $____ (gross pay less taxes), as

per the attached notification of Salary Overpayment. As consideration for my signing this

promissory note and agreeing that _____ may recover this amount through payroll deductions,

_____ agrees to allow me to repay this amount as described in this Promissory Note agreement.

I hereby promise to repay _____ the loan amount in semi-monthly installments, initially at the

rate of $____, beginning with the pay period ending _____________. By my signature below, I

hereby authorize _____ to deduct the established installment payments from my semi-monthly

paychecks until the completion of the repayment of the loan amount.

I expect to repay the full amount via payroll deduction. Should I fail to repay the full amount by

____date_________, I authorize _____ to recover the remaining amount in equal semi-monthly

payroll deductions starting on that date, so that the full amount is repaid no later than

___________________.

I acknowledge that this Promissory Note agreement does not alter the “at will” nature of my

employment with ______, and that I or ___________ may terminate the employment

relationship at any time, with or without notice or reason.

Any outstanding balance of the loan amount which is not satisfied by deductions, as outlined

above, will be due and payable immediately to __________, if I resign or am terminated from

employment with ________ for any reason prior to the completion of repayment of the loan

amount. Should I resign or be terminated from employment with _______ prior to the

completion of the repayment of the loan amount, by my signature below I hereby authorize

_____ to deduct the outstanding balance of the loan amount from my accrued but unused

vacation pay and/or from my final paycheck.

___________________________________

Date: _____________________

[Signature of Employee]

Washington, D.C. ) ss.

Subscribed and sworn to before me this ______ day of _____________________, 2007.

___________________________________

Notary Public

My Commission Expires:

Promissory Note