Free Promissory Note for Loan to Family Members Template
Promissory Note
This Promissory Note ("Note") is made and entered into this 1st day of January, 2050 (the “Effective Date”) by and between Ethan Harris, having a principal place of residence at Los Angeles, California (the “Maker”), promises to pay the sum of Three Thousand U.S Dollars ($3,000) to the order of [Payee Name] (the "Payee"), according to the terms set forth below.
The principal sum referenced above is for the purpose of the car balance due in 1999. It is hereby acknowledged by the Maker that the Principal sum is outstanding.
Repayment Terms
The Maker hereby promises to repay this Principal sum in full on or before July 27, 2055 with no provision for payment by installments unless otherwise agreed between the Maker and the Payee.
Interest
No interest shall accrue on the unpaid Principal sum unless payment is not made according to the due date provided. In the event of a late payment, a late fee of 5% will be applied to the Principal.
Late Payment
If any payment obligation under this Note is not paid when due, the Maker agrees to pay all costs of collection, including but not limited to, reasonable attorney fees and costs.
Default
In the event that the Maker fails to make a payment on time, the Maker will be in default of this Note and the amount due will immediately become payable.
Acceleration of Debt
Upon default, the Payee may declare the remaining balance (including accrued interest, if any) due and payable and may enforce collection thereof.
Waiver of Presentments
The Maker waives presentment for payment, notice of non-payment, protest, and notice of protest.
Executed on this (complete date), this Promissory Note reflects the entire agreement between the Maker and the Payee. This Note may not be modified or whatsoever without the written agreement of both parties.
Signature
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Ethan Harris (Maker)
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(Payee's Full Legal Name)
