Debt Promissory Note
Debt Promissory Note
FOR VALUE RECEIVED, the undersigned, Liam Davis ("Maker"), residing at Los Angeles, California, promises to pay to the order of the payee, the principal sum of three thousand dollars ($3,000), plus interest, with respect to that certain car balance by July 27, 2050, as described below.
This is a legally binding contract in accordance with the applicable Laws. The Maker's execution of this Debt Promissory Note is a material inducement to the payee to provide the described funds.
Loan Repayment Terms
The principal amount of this Debt Promissory Note, and any accrued and unpaid interest, shall be fully paid by the Maker according to the schedule and terms agreed upon by both parties. The Maker is obligated to deliver monthly payments on the first day of every month after the occurrence of the agreed date.
Interest Rates
If not otherwise explicitly prohibited by applicable law, any unpaid principal shall accrue interest, at a pragmatic rate agreed upon by both the Maker and the payee and in accordance with any federal or state regulations.
Late Payment Consequences
In the event of a failure to make payments on the specified due date, apart from the principal and interest, the Maker may be charged with a late fee for each month the payment is delayed, the amount of which would be agreed upon by the parties involved.
Conditions
If a payment default ensues, and the default is not rectified within the condoned period, the full remaining amount shall become immediately payable at the discretion of the payee. This Promissory Note shall be binding upon the Maker and its successors and assigns.
This Note is securable by any collateral described in a separate security agreement.
This Note is executed as of the agreed date and is enforceable according to its terms.
Signature
To evidence this Debt Promissory Note, the Maker has executed it on July 27, 2050.
___________________________
Liam Davis
(Maker)
___________________________
Payee's Name
(Payee)
