Demand Promissory Note
DEMAND PROMISSORY NOTE
This Demand Promissory Note (hereinafter known as the "Note") is executed on this day of _______________, 2050 by Ava Martin, residing at Los Angeles, California (hereinafter known as the "Maker"). This Note is a legal agreement in which the Maker promises to pay a sum of money to the Payee herein stated.
PRINCIPAL SUM: The principal sum lent and payable under this Note is the amount of THREE THOUSAND DOLLARS ($3,000.00).
INTEREST: This Note does not bear interest.
PAYMENT: Upon the demand of the Payee, the Maker agrees to pay the Principal sum in full. The Maker may pay without penalty all or any portion of the amount owing under this Note earlier than it is due. The principal amount of unpaid debt under this Note will be fully paid on or before the 27th of July, 1999.
LATE CHARGE: If any payment obligation under this Note is not paid ON or BEFORE the due date, the Maker agrees to pay a late fee of 5% of the overdue amount.
DEFAULT: If the Maker fails to pay the Payee the full sum demanded within the time stipulated, it would be considered as a default. In case of default, the Payee may declare the entire remaining principal sum and any other unpaid amounts immediately due without notice or demand.
GOVERNING LAW: The laws of the State of California shall govern this Note.
This Note is secured by a Vehicle.
By signing below, the Maker acknowledges and guarantees to pay this Note under the terms and conditions set above.
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Ava Martin
Maker
Agreed and Accepted:
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Name
Payee
