Free Borrowing Money Promissory Note Template
Promissory Note
THIS PROMISSORY NOTE (“Note”) is made effective on this 1st day of January, 2050, by and between Liam Davis hereafter referred to as the “Maker”, residing at Los Angeles, California, and the Payee.
In consideration of the mutual covenants hereinafter set forth, the Maker promises to pay the principal sum of Three Thousand Dollars ($3,000) to the Payee. This payment shall be made in lawful currency of the United States no later than July 27th, 2050.
The Principal Sum may, upon notice from the Payee, be payable in installments or in one lump sum, at any time. If the Maker fails to pay the Principal Sum by due date, it would be regarded as a default. In the event of a default, the remaining balance will become immediately due and payable.
In case any installment is not paid within the due time, there may be involved late charges of a sum equal to five percent (5%) of such unpaid installment. However, the Maker shall be entitled to prepay the whole or any part of the Principal Sum at any time.
Interest shall accrue on the Principal Sum from the date of this Note until repayment in full which shall be payable along with the Principal Sum. The interest rate of this Note is 5 percent per annum unless otherwise provided by law or agreed upon.
In the case of failure in the repayment, Payee may seek a legal remedy, including but not limited to filing a lawsuit against the Maker. Should such legal actions become necessary, the Maker agrees to pay all court and legal fees incurred by the Payee.
It is the Maker’s express intention that this Promissory Note shall be construed as a contract under the laws of the state of California. The Maker also acknowledges that this note is considered a legally binding promise to pay the Payee and is enforceable by law.
MAKER ________________________________________
LIAM DAVIS
Los Angeles, California
PAYEE ________________________________________
