Promissory Note for Buying a House
PROMISSORY NOTE
This Promissory Note for Buying a House (hereinafter referred to as the "Note") is made and executed on this day of 1st January, 2050, by and between Olivia Bennett (hereinafter referred to as the "Maker") residing at Los Angeles, California, and Payee (hereinafter referred to as the "Payee").
FOR VALUE RECEIVED, THE Maker hereby promises to pay to the order of the Payee the sum of Three Thousand Dollars ($3,000) as a balance for the purchase of a house, by July 27, 1999, with interest payable on the unpaid principal at the rate as applicable by law.
Loan Terms:
The loan terms expressly provided for repayment of the Principal Sum plus interest. The payee and the maker agreed that the Principal Sum will be repaid in full by the Maker by July 27, 1999. If failed to meet this date, legal repercussions may follow as those set forth under the laws in Los Angeles, California.
Consequences of Late Payment:
The Payee may, at its sole discretion, take necessary legal action to collect the outstanding balance of the Principal Sum if the Maker does not make a payment by the agreed due date.
Terms & Conditions :
All parties agree that this Note shall be governed and construed in accordance with the laws of Los Angeles, California. This Note is binding upon the Maker and Payee and their successors and assigns. If any provision of this Note is held invalid or unenforceable by any court of competent jurisdiction, such invalidity or unenforceability will not affect the validity or enforceability of the remaining provisions.
Signature:
Accepted and agreed to such terms and conditions, each party under the promissory note binds themselves in witness whereof by the following signature:
Maker: __________________________
Olivia Bennett, Los Angeles, California.
Payee: __________________________
