Promissory Note in Law
Promissory Note
This Promissory Note (hereinafter referred to as the "Note") is given on this day of January 01, 2050, by Olivia Bennett of Makebelieve County, 12345 (hereinafter referred to as the "Maker") in favor of the individual or entity who is the holder of this Note (hereinafter referred to as the "Payee").
The Maker hereby promises to pay to the Payee the principal amount of Three thousand Dollars ($3,000) (hereinafter referred to as the "Principal Sum") for the balance of a car on or before July 27, 1998. This Principal Sum is payable as stipulated in the terms of this Note and in accordance with the Payment Plan attached hereto as Annex A.
Loan Terms
Both parties agree that this Note will be repaid on a monthly basis until the Principal Sum and all accrued interest have been fully paid. In the event that the Maker fails to make any payment as at when due, a reminder will be provided by the Payee with a grace period of five (5) days for compliance.
Conditions
All payments should be made to the Payee by check, payable at Makebelieve County, 12345, or by such other means as may be mutually agreed upon by the Parties. If at any time, the Maker fails to make payment as stipulated in this Note, then legal actions may commence as stipulated by the Promissory Note in Law.
Interest Rate
If any installment payment should be outstanding for a period exceeding the stipulated time frame, an interest rate of 5% per annum will apply daily until the outstanding amount is fully paid.
Consequences of Late Payment
If the Maker fails to make payment as at when due for a period exceeding 30 days, the full outstanding Principal and accrued interest shall become due and payable at once upon the demand of the Payee, and legal action may commence as stipulated in Promissory Note in Law.
Signatures
By signing this Note, the Maker and Payee agree to all its terms and conditions and acknowledge receipt of a completed copy of the Note.
The Maker has executed this Promissory Note as of the day first above written:
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Olivia Bennett, Maker
The Payee acknowledges and accepts the terms of this Promissory Note.
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Payee
