Promissory Note, Fixed Term, No Interest, Principal Payable In Equal Payments 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 obliged to [Lender’s name], the ‘Lender’ and swears to pay to the Lender, the principal sum of $[loan amount] in legal money of [USA currency]. The complete principal sum shall be paid in [no. of payments] equal successive [payment basis – monthly/quarterly] payments of principal only in the amount of $ [periodic payments amount], beginning on [starting date of payments] to and, including [loan maturity date].
In the event of non-payment, any principal amount or interest mentioned in this promissory note, the whole left principal sum and all interest accumulated shall, at the choice of the Lender, become immediately owing, and payable without a notice.
The Lender may allocate all of its right, title and interest in, to and mentioned in this promissory note. All payments are required to be made by the Borrower with no any right of set-off or counterclaim.
Dated: [date here]
………………………………………….. ………………………………………….
Witness Seller Name