Promissory Note, Fixed Term, Variable Rate of Interest, Interest Only Until Maturity, Acceleration of Payment In The Event Of Default in Payment
PROMISSORY NOTE –
[Loan Amount] Due: [Loan Maturity Date]
FOR VALUE RECEIVED, the undersigned, [Borrower name], the ‘Borrower’ hereby acknowledges itself grateful to [Lender name], the ‘Lender’, and swears to pay to the Lender the principal sum of [loan amount] in official money of [USA currency] with interest thereon at a changeable rate per annum equivalent to the interest rate commonly known as the ‘prime rate’ of interest declared from time to time by [Bank Name of Lender] as a reference rate then in effect for concluding interest rates on commercial loans plus [Amount above prime rate], calculated and due monthly, not in advance, on the 1st day of each and every month, and both before and after demand, maturity, non-payment and evaluation until paid.
This is to for that:
The principal sum and interest shall be outstanding and payable as follows:
1. Interest shall be paid on monthly basis on the last business day of each month; and
2. The total principal amount and all interest accumulated shall be paid on [Loan Maturity Date].
In the event of non-payment of principal or, interest mentioned in this promissory note, the whole remaining principal amount, and all interest accrued shall, at the decision of the Lender, becomes due immediately and payable without a notice.
The Lender may allot all of its right, title and interest in, to and under this promissory note. All required payments shall be made by the Borrower with no right of set-off or counterclaim.
Witness Seller Name
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