Free Installment Promissory Note Template
INSTALLMENT PROMISSORY NOTE
THIS INSTALLMENT PROMISSORY NOTE (the "Note") is made and entered into as of January 1, 2050, by OLIVIA BENNETT, of 789 Pine Lane, Dreamville, Fantasia, 67890 (the "Maker"), for the favor of UNNAMED PARTY, (the "Payee").
LOAN TERMS
The Maker hereby acknowledges a debt, and promises to pay the Payee the principal sum of THREE THOUSAND DOLLARS ($3,000), with interest at the rate of NIL PERCENT (0%), as follow:
Monthly installments of PRINCIPAL AND INTEREST WITH RESPECTIVE BALANCES until the note is fully paid, with the first payment being due JULY 27, 1999. Matured unpaid amounts shall bear interest at the rate of NIL PERCENT (0%) per annum.
CONDITIONS
Notwithstanding anything to the contrary contained herein, if the Maker shall fail to make any of the payments outlined above, the whole remaining unpaid balance of this Note shall become due and payable at the option of the Payee, without any demands or notice. This Note can be assigned by the Payee at its sole discretion.
The Maker shall be responsible for all costs of collection, including reasonable attorney's fees, suffered under this Note. Nothing conveyed in this Note shall affect or impair the Payee's right to serve legal process in any manner. This Note shall be enforced, construed and interpreted in accordance with the laws of the State of Fantasia.
SIGNATURES
By signing below, the Maker accepts and agrees to the terms and conditions of this Installment Promissory Note.
_______________________________
OLIVIA BENNETT, Maker
_______________________________
UNNAMED PARTY, Payee
