Promissory Note Template (Interest Only) printable pdf download

Promissory Note Template (Interest Only)

PROMISSORY NOTE

(Interest only)

In consideration of value received, the undersigned (hereinafter "Borrower") does

hereby promise to pay to ___________________________ (hereinafter "Lender"), the

amount of $___________________, upon which interest will accrue at ___________

percent

per

________________.

Borrower

agrees

pay

interest

monthly/quarterly/annually and any remaining principal balance plus accrued interest on

the ___________ day of ______________, 20__, the final maturity date. Payments

shall be first applied to interest and then to the principal. This Note may be paid in full

at any time without penalty charges.

Lender reserves the right to demand payment in full or in part, together with interest

accrued, at any time and for any reason as Lender deems a breach of this contract.

In the event this Note shall be in default, and collection proceedings are instituted, then

the Borrowers agree to pay all reasonable attorney fees and costs of collection.

The undersigned and all other parties to this Note, whether as endorsers, guarantors or

sureties waive demand, presentment and protest and all notices thereto and further

agree to remain bound, notwithstanding any extension, modification, waiver, or other

indulgence by any holder or upon the discharge or release of any obligor hereunder or to

this Note, or upon the exchange, substitution, or release of any collateral granted as

security for this Note.

_____________________________

______________________________

Borrower

Date

_____________________________

______________________________

Witness

Date

Promissory Note Template (Interest Only)