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    Promissory Note

    Uploaded by

    Graeme Smith
    This promissory note outlines the terms of a loan between a borrower and lender. The borrower promises to pay back the principal amount of $________ plus yearly interest of ____% in either monthly or weekly installments over ______ weeks/months, or in a lump sum payment on ______. If payments are late, a penalty will be charged. The loan is secured by ______________. If the borrower dies before paying it off, the remaining debt will be canceled. The borrower must notify the lender of any address or name changes and will pay legal fees if the lender has to sue to collect.

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    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd

    Promissory Note

    Uploaded by

    Graeme Smith
    606 views1 page
    This promissory note outlines the terms of a loan between a borrower and lender. The borrower promises to pay back the principal amount of $________ plus yearly interest of ____% in either monthly or weekly installments over ______ weeks/months, or in a lump sum payment on ______. If payments are late, a penalty will be charged. The loan is secured by ______________. If the borrower dies before paying it off, the remaining debt will be canceled. The borrower must notify the lender of any address or name changes and will pay legal fees if the lender has to sue to collect.

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    © Attribution Non-Commercial (BY-NC)

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    This promissory note outlines the terms of a loan between a borrower and lender. The borrower promises to pay back the principal amount of $________ plus yearly interest of ____% in either monthly or weekly installments over ______ weeks/months, or in a lump sum payment on ______. If payments are late, a penalty will be charged. The loan is secured by ______________. If the borrower dies before paying it off, the remaining debt will be canceled. The borrower must notify the lender of any address or name changes and will pay legal fees if the lender has to sue to collect.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    606 views1 page

    Promissory Note

    Uploaded by

    Graeme Smith
    This promissory note outlines the terms of a loan between a borrower and lender. The borrower promises to pay back the principal amount of $________ plus yearly interest of ____% in either monthly or weekly installments over ______ weeks/months, or in a lump sum payment on ______. If payments are late, a penalty will be charged. The loan is secured by ______________. If the borrower dies before paying it off, the remaining debt will be canceled. The borrower must notify the lender of any address or name changes and will pay legal fees if the lender has to sue to collect.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 1

    PROMISSORY NOTE

    Principal amount: $____________________ DATE, _____/_____/_____

    FOR VALUE RECEIVED, I, ___________________________________ (Borrower) promise to pay


    __________________________________ (Lender) the sum of _____________________________
    Dollars ($_______________), and interest at the yearly rate of _____% on the unpaid balance as
    specified below.

    Repayment shall be made in __________ weekly/monthly installments, consisting of $______per


    installment on the ____ day of each week/month and continue through for ______ week/months, or
    until the principal is paid in full.

    OR, Borrower will pay one lump payment in lawful money of the United States on:
    _____/_____/_____.

    If the Borrower fails to make an installment payment when due or fails to comply with any other term
    of this promissory note, the loan will be considered in default. A late penalty charge of
    __________________ Dollars per (month/day) will be assessed until the account is brought current
    inclusive of the late charges, interest and applicable fees.

    Borrower agrees that until the principal and interest owed under this promissory note are paid in full,
    this note will be secured by the _______________________________ (describe property, such as a
    car or a house.)

    Payments will be applied first to interest and then to principal.

    This note may be prepaid by the Borrower at any time in whole or in part without premium or penalty.

    In the event of the Borrower's death, the unpaid indebtedness remaining on the note shall be canceled.

    The Borrower must promptly inform the Lender of any change in name or address.

    If the Lender prevails in a lawsuit to collect on this note, Borrower will pay Lender's court costs, collection agency costs,
    and attorney's fees in an amount the court finds to be reasonable.

    IN WITNESS WHEREOF, I set my hand under seal this ____th day of _______________, 20___ and I
    acknowledge receipt of a completed copy of this instrument.

    _________________________________
    Borrower’s Signature
    Permanent Address: _____________________________________________________
    Social Security Number: ______________________________
    Driver's Licence Number: ______________________________

    _______________________________________
    Notary Public - SEAL
    My Commission Expires ______/______/______

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