Promissory Note for Financial Aid
PROMISSORY NOTE
This Promissory Note (“Note”) is made on this 1st day of January 2050, by Olivia Anderson ("Maker") of Los Angeles, California, to the Payee mentioned herein after.
PAYMENT: For value received, Maker hereby promises to pay the Payee or its order the sum of $3,000 (the “Principal Sum”).
REPAYMENT TERMS: The Principal Sum will be payable on July 27, 2051. If the sum is not paid by that date, the Maker will be liable to the Payee for any additional charges, interest or penalties.
INTEREST RATE: Unless otherwise required by law, no interest shall be paid on the Principal Sum.
DEFAULT: If the Maker fails to fulfill this Note's terms, the Payee has the right to demand the outstanding balance immediately.
ASSIGNMENT: Payee has the right to transfer this Note. The transferee will have the same rights and obligations that the Payee has now.
CURRENCY: All payments must be made in the legal currency of the United States of America.
LATE PAYMENT: If Maker fails to meet the deadline, an additional fee will be imposed.
ATTORNEYS' FEES AND COSTS: In case of default under this Note, Payee at its discretion may take legal recourse to recover the entire balance due and for such purpose may also hire attorneys. All costs incurred thereupon, including attorney’s fees, shall be borne by the Maker.
This Note is intended to be a legally binding document, enforceable in accordance with its terms. The validity or enforceability of this Note will be governed by the laws of the State of California.
IN WITNESS WHEREOF, Maker, desiring to be legally bound, has signed this Note effective as of the dates stated at the places specified.
Maker:
__________________
Olivia Anderson
Date: ______________
Payee:
__________________
Name
Date: ______________
