Promissory Note - General
A promissory note between a lender and a borrower
detailing principal owed and the terms of their
arrangements
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PROMISSORY NOTE – GENERAL – SECURED
AMOUNT: $_______________ DATE: ___-
INTEREST RATE: _________ DUE: On Demand
FOR VALUE RECEIVED, the undersigned ______________, hereby promises
to pay to the order of _____________________ (the “Lender”) at
_____________________________ [address] the principal sum ________________
($___________) Dollars, payable on demand, with interest thereon at the rate of
__________ percent (_____ %) per annum.
THIS PROMISSORY NOTE is secured by an additional agreement executed by
the parties hereto on _______________ whereby the undersigned has pledged its/his/her
interests in certain assets and undertaken certain additional obligations, as more fully set
forth therein.
NO COURSE OF DEALING between the undersigned and the Lender or any
delay on the part of the Lender in exercising any rights hereunder shall operate as a
waiver of any rights of the Lender. All of the covenants, stipulations, promises and
agreements contained in this promissory note made by or on behalf of the undersigned
shall bind his heirs, executors, administrators successors and assigns, whether so
expressed or not.
THE UNDERSIGNED MAY, at any time, without notice, bonus or penalty,
prepay or cause to be prepaid the whole or any part of the principal amount remaining
unpaid hereunder.
THIS PROMISSORY NOTE shall be governed by the laws of the State of
________________, which laws shall be applicable to the interpretation, construction and
enforcement hereof.
IN THE EVENT OF any default in the payment of interest or any other amounts
secured by this Promissory Note, or upon the bankruptcy or insolvency of the
undersigned, or upon the filing of a petition in bankruptcy against the undersigned or
upon the making of a proposal in bankruptcy by the undersigned, the whole of the
amount (or any part thereof) secured by this Promissory Note remaining unpaid shall, at
the option of the Lender, immediately become due and payable and all the powers in and
by the Promissory Note or by law conferred in case of default shall become exercisable.
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THE UNDERSIGNED may, at any time, without notice, bonus or penalty,
prepay or cause to be prepaid the whole or any part of the principal amount remaining
unpaid hereunder.
__
Debtor Lender
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Name:
Title:
I have authority to bind the
Company.
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