Promissory Note For Mortgage
Promissory Note
THIS PROMISSORY NOTE ("Note") is made this 1st day of January, 2050, by and between Ava Martin, of Los Angeles, California (the "Maker"), and [Insert name of the Payee], (the "Payee").
FOR VALUE RECEIVED, the Maker promises to pay to the Payee, the principal sum of Three Thousand Dollars ($3,000) with interest, if applicable, on the unpaid principal at the rates and on the dates specified in this Note.
Loan Terms
1. Repayment: The Maker shall repay the entire Principal Sum on or before the 27th day of July, 2051, irrespective of any previous payments made.
2. Interest: No interest shall apply on the principal sum for the duration of this note.
3. Prepayment: The Maker has the right to prepay the Principal Sum or accrued interest at any time, in whole or in part, without penalty.
Conditions
Late Fee: In the event the Maker fails to make any payment on or before the due date, Maker agrees to pay a late fee equals to 5% of the failed payment.
Acceleration: In the event of default, the Payee has the right to declare the entire remaining amount of the Principal Sum and any accrued interest immediately due and payable.
This Note shall be governed by and construed in accordance with the laws of the state of California. This Promissory Note shall be binding upon the Maker and their heirs, successors, and assigns.
Signatures
In witness whereof, the Maker and the Payee have duly executed this Promissory Note on the 1st day of January, 2050.
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Ava Martin (Maker)
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[Insert name of the Payee]
