Promissory Note
Promissory Note
Date: September 13, 2050
Principal Amount: $50,000
FOR VALUE RECEIVED, [Borrower's Full Name], residing at [Borrower's Address] (hereinafter referred to as "Borrower"), promises to pay to [Your Company Name], with its principal place of business at [Your Company Address] (hereinafter referred to as "Lender"), the principal sum of $50,000, with interest on the unpaid principal balance at the rate of 5.00% per annum.
1. Payment Terms
The Borrower shall make payments of principal and interest in monthly installments of $1,000, commencing on October 1, 2050, and continuing on the 1st of each month thereafter until September 1, 2055, at which time the remaining unpaid balance, together with accrued interest, shall be due and payable in full.
2. Prepayment
The Borrower may prepay the principal amount in whole or in part at any time without penalty. Any prepayment shall be applied to the principal balance and shall not affect the Borrower’s obligation to continue making scheduled payments.
3. Late Fees
If any installment payment is not paid within 15 days of its due date, a late fee of $50 shall be charged.
4. Default
In the event of default, including but not limited to failure to make timely payments or insolvency, the Lender may declare the entire outstanding principal and accrued interest immediately due and payable.
5. Governing Law
This Note shall be governed by and construed in accordance with the laws of the State of New York.
6. Miscellaneous
a. This Note constitutes the entire agreement between the parties and may be amended only in writing signed by both parties.
b. If any provision of this Note is determined to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
IN WITNESS WHEREOF, the Borrower has executed this Promissory Note as of the day and year first above written.
Borrower:
[Borrower's Full Name]
Lender:
[Your Company Name]
[Your Name]
