Promissory Note, Fixed Term, Fixed 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 thankful to [Lender name], the ‘Lender’ and agrees to pay to the Lender the principal sum of [loan amount] in legal money of [USA currency] with interest thereon at the rate of [interest rate] per annum, computed and owed monthly, not in advance, on the 1st day of each and every month, beginning [first date of loan payment] and, both before and after demand, maturity, failure to pay and judgment until paid.
The principal figure 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 complete principal amount and all interest accumulated shall be paid on [Loan Maturity Date].
In the event of failure to pay the principal or interest under this promissory note, the whole left over principal amount and all interest accrued shall, at the decision of the Lender, immediately becomes outstanding and payable without demand.
The Lender may allocate all of its right, title and interest in, to and in this promissory note. All required payments shall be made by the Borrower with no right of set out or counterclaim
Dated: [date]
………………………………………….. ………………………………………….
Witness Seller Name
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