This Promissory Note is a contract between two or more parties whereby one party agrees to repay to the other party a certain sum of money on a given date. This Attorney Drafted note requires payments in installments on the interest and the principal at specified periods. Use this document to ensure that the terms of your loan are clearly laid out and legally enforceable whether you are a lender or a borrower.
UNSECURED PROMISSORY NOTE – PAYMENT IN INSTALLMENTS AMOUNT: $_______________ DATE: ________________ INTEREST RATE: _________ DUE: _________________ FOR VALUE RECEIVED, the undersigned ______________, hereby promises to pay to the order of _____________________ (the “Lender”) at _____________________________ (address) the principal sum ________________ ($___________) Dollars payable on demand, with interest thereon at the rate of __________ percent (_____%) annually. PAYMENT SHALL BE MADE on the interest and on the capital to Lender in equal installments of _______(amount), beginning on ______________ (date) and continuing each month, exactly one month from the date of the last payment. Payments shall be delivered to the address of the Lender. 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 Province/State of ________________, which laws shall be applicable to the interpretation, construction and enforcement hereof. IN THE EVENT OF 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 monies (or any part thereof) secured by this Promissory Note remaining unpaid shall, at the option of the Lender, forthwith 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. 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. DATED this _____ day of ____________________, _______. © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 1 Witness: Debtor or if Debtor is a Company (COMPANY) Per: Name: Title: I have authority to bind the Company. © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 2 “All forms and documents from DocStoc are provided “as is” without warranty of any kind, express or implied. DocStoc does not provide any legal advice, and assumes no responsibility for the enforceability or effectiveness of its documents. Users should consult with a lawyer if there is any questi
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