Free Promissory Note For Owner Financing Template
Promissory Note
This Promissory Note ("Note") is given on this 7th day of January, 2050, by Liam Davis, residing at Los Angeles, California ("Maker"), unto further stated by the name of the payee ("Payee") herein.
The Maker hereby acknowledges and promises to pay the sum of $3,000 (the "Principal Sum"), being offered as financing for a vehicle purchase. This Note is to certify the debt acquired on the 27th of July, 1999, by the Maker and unfolded by the Payee herein. The Principal Sum, as noted above, will be paid on or before the following scheduled date.
This Promissory Note is subject to the following terms and conditions:
Repayment
The Maker hereby agrees to pay the Principal Sum in equal monthly installments, with due and payable interests at the end of each month starting from the date of agreement until the total Principal Sum is paid in full. Any outstanding amounts unpaid shall accrue late fees as established by law.
Interest Rate
Unless otherwise provided by law, the Principal Sum of this Promissory Note shall not bear any interest rates.
Penalty for Late Payment
If the Maker fails to make the payments on or before scheduled dates, a late fee will be imposed. A cumulative late fee for each missed period will be added to the balance. This balance (now inclusive of any late fees), will be due immediately, and failure to meet the same could lead to legal action.
In witness whereof, the Maker has executed this Promissory Note on the day and year first above written.
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Maker: Liam Davis
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Payee:
