Cognovit Promissory Note

Cognovit Promissory Note COGNOVIT PROMISSORY NOTE A Cognovit Promissory Note is used by a creditor when they want a shortcut to judgment against the creditor, should the creditor default under any of the terms of the promissory note. Only a few select States allow the use of this type of promissory note. The States that allow use of this type of promissory note are Ohio, Pennsylvania, Maryland, Virginia and Delaware. 1 of 4 Cognovit Promissory Note COGNOVIT PROMISSORY NOTE PROMISSORY NOTE AMOUNT: $_____________ INTEREST RATE: ______________ DATE: DUE DATE: __________ __________ For value received, the undersigned acknowledges itself/himself/herself indebted and promises to pay to the order of _______________ (the “Creditor”) the sum of __________________ ($________) Dollars of lawful money of _______________, at , or such other address as the Creditor in writing may direct, payable as follows: (i) the sum of __________________ ($________) Dollars is payable to the Creditor on or before _______________________; (ii) the balance of the Promissory Note outstanding is to be repaid in equal consecutive monthly instalments of _____________ ($_______) payable on the _____ day of each and every month, commencing on ______________; provided, however, that the last such monthly instalment shall be due and payable on the ________ day of __________, ____________, and shall be in the amount of _____________ ($________) Dollars; (iii) this Promissory Note is open for repayment at any time or times in whole or in part without penalty. The undersigned hereby waives demand and presentment for payment, and notice of nonpayment and notice of protest and dishonor of this Promissory Note. The undersigned further agrees to pay all costs of collection, including legal fees on an attorney and client basis, in case the principal of this Promissory Note or any payment on the principal thereon is not made at the maturity thereof or when otherwise due. This Promissory Note shall be governed by the laws of the Province/State of ________________, which laws shall be applicable to the interpretation, construction and enforcement hereof. In default of payment of the principal amount, interest or other amounts se