Promissory Note for Balance Payment
PROMISSORY NOTE
This Promissory Note (“Note”) is made and entered into this day of ____, 2050, by and between Olivia Bennett hereinafter referred to as the “Maker”, whose address is Los Angeles, California, and ___________, hereinafter referred to as the “Payee”.
PRINCIPAL SUM:
The Maker promises to pay to the Payee the principal sum of $3,000.00 (Three Thousand Dollars), which sum does not bear any interest rate, for the balance of a car purchase made on July 27, 1999.
REPAYMENT TERMS:
Maker promises to make payments against this Note on or before the ____ day of each month until the principal amount herein shall be fully paid. All payments shall first be applied to the outstanding principal and the rest, if any, to other amounts due.
CONDITIONS:
This Note shall immediately become due and payable upon the Maker’s breach of any term or condition stated herein, or upon the Payee’s knowledge of the Maker’s insolvency, bankruptcy, or assignment for the benefits of creditors.
LATE PAYMENT:
In the event that any payment under this Note is not paid when due, the Maker agrees to pay a late fee of _______.
DEFAULT:
Should Maker default in any payment, or in any the terms outlined in this Note, the total outstanding principal amount and accrued interest, if any, shall at once become immediately due and payable at the option of Payee.
PAYMENT METHOD:
Payment shall be made to the Payee in lawful money of the United States of America in person, or at the discretion of the Payee, by mail at the following address: _________, or at such other place as the Payee may designate in writing.
ENTIRE AGREEMENT:
This Note constitutes the full and entire understanding and agreement between the parties with regard to the subjects hereof.
GOVERNING LAW:
This Note shall be governed by and construed in accordance with the laws of the State of California.
IN WITNESS WHEREOF, the Maker has executed this Promissory Note as of the date first above written.
_________________________
Olivia Bennett
ACCEPTED AND AGREED TO:
_________________________
Payee
