Promissory Note for Restitution
PROMISSORY NOTE
THIS AGREEMENT is entered into on this 1st day of February, 2050, by and between LIAM DAVIS of Los Angeles, California (hereinafter referred to as the "Maker") and the party whose signature appears in the acknowledgment section of this Promissory Note (hereinafter referred to as the "Payee").
FOR VALUE RECEIVED AND ACKNOWLEDGED, the Maker promises to pay to the Payee the principal sum of $3,000 as a restitution for the car balance dated July 27, 1999. This payment shall be made according to the repayment terms and conditions specified herein.
REPAYMENT TERMS
The Maker promises to repay the principal sum by means of equal and consecutive monthly installments starting from the 1st day of March, 2050, until the principal sum is fully paid off.
INTEREST RATE
Unless otherwise required by law, this loan does not carry an interest rate.
LATE PAYMENT CONSEQUENCES
If any payment installment is not received by the Payee by the end of five (5) business days after the due date, the Maker shall be deemed to be in default of this Promissory Note. In case of default, the Payee may demand the repayment of the entire remaining unpaid amount immediately.
This Promissory Note for Restitution shall be governed by and construed in accordance with the laws of the State of California. If any provision of this Promissory Note for Restitution is found by a court of competent jurisdiction to be unenforceable, the remaining provisions shall continue in full force and effect.
SIGNATURE
IN WITNESS WHEREOF, the undersigned have executed this Promissory Note for Restitution as of the date first above written.
Maker:
____________________
Liam Davis
Los Angeles, California
Payee:
____________________
(Your Name Here)
