Promissory Note for Car Down Payment
Promissory Note
FOR VALUE RECEIVED and herein acknowledged, I, Ethan Harris, residing at Los Angeles, California, the undersigned maker, hereby promise to pay to the order of Payee Name, the principal sum of $3,000 (the “Principal Sum”), due July 27, 2050.
The terms of payment for this loan will be as follows:
The full amount as specified in the Principal Sum will be paid by the Maker on or before the due date. This note will be fully paid in a single lump sum.
If the Maker fails to pay the Principal Sum in full by the specified due date, a late payment penalty shall be implemented. This shall amount to 10% of the unpaid balance. The late payment fee shall be due immediately upon demand by the Payee after the specified due date.
If any payment obligation under this note is not paid when due, the Maker promises to pay all costs of collection, including reasonable attorney fees, whether or not a lawsuit is commenced as part of the collection process.
If there exists no event of default, the Maker may pay the full amount of the Principal Sum and accrued interest at any time prior to the due date.
This Promissory Note shall be governed by and constructed in accordance with the laws of the state of California.
If any provision of this Note is declared invalid, such invalidation shall not affect the remaining provisions of this Note.
IN WITNESS WHEREOF, I have duly executed this Promissory Note on this day, DATE, 2050.
____________________________
Ethan Harris
Accepted By:
____________________________
Payee Name
