Lump Sum Promissory Note Design
Lump Sum Promissory Note Design
Borrower:
Name: Emily Johnson
Address: 789 Pine Street
City, State, Zip: Springfield, IL 62701
Lender:
Name: [Your Company Name]
Address: [Your Company Address]
Email: [Your Email]
1. Promise to Pay
For value received, I, Emily Johnson (the "Borrower"), promise to pay to the order of [Your Company Name] (the "Lender") the principal sum of Fifty Thousand Dollars ($50,000.00). Interest shall accrue on the unpaid principal balance at a fixed rate of 5% per annum. The total amount due shall be paid in full on or before January 15, 2065.
2. Payment Terms
The Borrower agrees to pay the total principal amount along with any accrued interest in a single lump sum payment due on January 15, 2065. Payments shall be made via check, bank transfer, or any other method mutually agreed upon in writing by both parties.
3. Prepayment
The Borrower may prepay this note in whole or in part at any time without incurring a penalty. Any partial prepayment shall first be applied to accrued interest and then to the principal amount.
4. Default
If the Borrower fails to make any payment when due or breaches any other term of this Promissory Note, the Lender may declare the entire unpaid principal and accrued interest immediately due and payable. The Borrower shall be responsible for all costs of collection, including reasonable attorney's fees.
5. Governing law
This Promissory Note shall be governed by and construed following the laws of the State of Illinois.
6. Severability
If any provision of this Promissory Note is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
In witness whereof
The Borrower has executed this Promissory Note as of the date first written above.
Emily Johnson
Borrower
[Your Name]
Authorized Representative
Lender
