Promissory Note For Quarterly Payments
Promissory Note
This Unsecured Promissory Note ("Note") is made this 1st day of January, 2050, and is entered into by and between Ethan Harris, residing at 789 Pine Lane, Dream Ville, Fantasia, 67890, hereinafter referred to as the "Maker," and the undersigned ("Payee").
For value received, Maker promises to pay to the order of Payee the principal sum of Three Thousand Dollars ($3,000) only, along with any interest that accrues, under the terms set forth below.
Loan Terms
The Maker shall repay the Principal Sum to the Payee in quarterly payments. The first due will be obligated not later than the 26th day of April, 2050 and continuing thereafter on a quarterly basis until the Principal Sum and any accrued interests are fully paid.
Unless otherwise agreed or required by applicable law, payments will be applied first towards any accrued unpaid interest; then towards the Principal Sum. Interest shall accrue on the Principal Sum at a rate of 5% per annum, compounded quarterly.
Conditions
If any amount under this Note is not received by Payee by the fifth (5th) day following the due date, Maker agrees to pay a late fee of 10% of the delinquent amount.
In an event Maker fails to comply with the terms of this Note, upon providing a written notice to the Maker, the Payee may declare the remaining outstanding Principal Sum due and payable immediately.
The Maker has the right to prepay this Note (in whole or in part) without penalty. This Note shall bind Maker's successors, and will benefit Payee's successors and assigns.
Signature
Understood, accepted and agreed: Maker: _____________________________
Ethan Harris
789 Pine Lane,
Dreamville, Fantasia, 67890
Date: _____________________________
Payee: _____________________________
(Print Name & Sign) (Date)
