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Promissory Note

This promissory note outlines the terms of a loan between a lender and borrower. The lender agrees to loan the borrower a specified sum of money at a simple or compound interest rate. The borrower must make monthly payments by a specified due date each month, with late fees applying for late payments. The loan is secured by described collateral and can be called in full if the borrower defaults on payments. The borrower is responsible for legal fees if they fail to comply with the agreement's terms. The agreement is governed by the laws of a specified state.

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Luke Garcia
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2K views

Promissory Note

This promissory note outlines the terms of a loan between a lender and borrower. The lender agrees to loan the borrower a specified sum of money at a simple or compound interest rate. The borrower must make monthly payments by a specified due date each month, with late fees applying for late payments. The loan is secured by described collateral and can be called in full if the borrower defaults on payments. The borrower is responsible for legal fees if they fail to comply with the agreement's terms. The agreement is governed by the laws of a specified state.

Uploaded by

Luke Garcia
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Promissory Note

_____________________________ (Lender) and ____________________________ (Borrower) hereby enter into this loan agreement this _____ day of _______________, 20___. 1. Amount of Loan. Lender shall loan Borrower the sum of _____________________________ dollars ($___________). 2. Interest. Interest shall be calculated on the unpaid balance as Simple/Compound (circle one) interest at the rate of _________________________ percent (_____%). 3. Payment Terms. Payments shall be applied first to interest and then to the unpaid balance of the loan and shall be made according to the following terms. a. Monthly Payments. Monthly payments shall be due on the ______ day of each month. b. Late Payments. Payment shall be considered late if not paid by the close of business on the ______ day of the month. A late fee of $_______ shall apply to all late payments. c. Term of Contract. Payments shall be due beginning on the ______ day of ______________(month), 20___ with a final payment due on the _____ day of _____________ (month), 20_____, for a contract term of _________________ (____) months. 4. Collateral. This loan shall be secured by ________________________________________ (describe the collateral), to which Lender shall hold title until such time as the loan is paid in full. 5. Loan Acceleration. Should Borrower fail to make any monthly payment before the following months payment becomes due, he/she shall be in default. Should Borrower be unable to cure the default within ________ (_____) days, Lender may call the entire amount of the loan due. 6. Attorney Fees and Court Costs. Should Borrower fail to comply with the terms of this loan agreement he/she will be responsible for all of Lenders attorney fees and any Court costs associated with enforcement of this agreement. 7. General Provisions. 7.1 Governing Law. The parties agree that this agreement shall be governed by the laws of the state of _____________________________ and that the Courts of the state

of _______________________ shall have exclusive jurisdiction to resolve any disputes that may arise out of this loan agreement. 7.2 Entire Agreement. This Agreement constitutes the entire agreement of the parties and supersedes all prior or contemporaneous oral or written agreements concerning this subject matter. 7.3 Severability. If any provision of this agreement is held by a court of law to be illegal, invalid or unenforceable, (a) that provision shall be deemed amended to achieve as nearly as possible the same economic effect as the original provision, and (b) the legality, validity and enforceability of the remaining provisions of this agreement shall not be affected or impaired thereby.

IN WITNESS WHEREOF, the parties have executed this Promissory Note on this _____ day of ______________________________, 20____.

Lender _________________________________ By: (typed or printed name of lender)

Borrower _________________________________ By: (typed or printed name of lender)

STATE OF ______________________________ COUNTY OF ____________________________

Before me, the undersigned Notary Public in and for said county and state, did personally appear __________________________________ (Lender) and ________________________________ (Borrower) and signed this Promissory Note as their free and voluntary act and deed.

____________________________________ _ Notary Public

(Seal or stamp)

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