Promissory Note for Outstanding Balance
Promissory Note for Outstanding Balance
This Promissory Note ("Note") is made this 1st day of January 2050 ("Effective Date"), by and between Liam Davis who resides at Los Angeles, California, hereinafter referred to as the "Maker", and the Payee, whose details shall be affixed in the signature section of this document.
The Maker promises to pay the Payee the principal sum of Three Thousand Dollars ($3,000) with no interest, representing the outstanding balance for a car that was due on July 27, 1999. Hereafter, this sum shall be referred to as the "Principal Sum".
Loan Terms
The Maker shall repay the Principal Sum in a lump sum payment. This repayment shall be due on or before the 31st day of December 2051. Failure by the Maker to settle the Principal Sum by this date will result in a late fee of 1.5% per month on the unpaid portion of the Principal Sum.
Conditions
If any portion of this Note or the application thereof to any person or circumstance shall be deemed invalid or unenforceable, the remainder of the Note or the application of such portion to other persons or circumstances shall not be affected thereby.
The Maker waives presentment for payment, notice of non-payment, protest, and notice of protest. The rights of the Payee are cumulative, and no exercise or enforcement by the Payee of any right or remedy hereunder shall preclude the exercise or enforcement by the Payee of any other right or remedy hereunder which is available by law or equity. The Maker and any endorsers of this Note waive presentment, notice of dishonor, and protest.
Signature
This Note is delivered in and shall be governed and construed in accordance with the laws of the State of California.
By signing below, the Maker acknowledges that he has read, understands, and agrees to the terms and conditions herein, and agrees to be legally bound by this Note.
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Liam Davis (Maker)
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(Payee)
