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Promissory Note - Unsecured

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Promissory Note - Unsecured Powered By Docstoc
					This document is a template for a promissory note between a lending party (Lender)
and a loaning party (Debtor). A promissory note contains an unconditional promise by
the borrower to repay the note under specified terms. As drafted, this promissory note
is unsecured. This document contains both standard clauses as well as opportunities
for customization to best fit the needs of the drafting parties.
                     UNSECURED PROMISSORY NOTE
AMOUNT:               _________dollars ($__)
DATE:                 ___________________
INTEREST RATE:        ______percent (___%)
DUE:                  On Demand [Comment: User has the option to have payment
                      due “on demand” or at a set future date]

       FOR VALUE RECEIVED, the undersigned, ______________, (the “Debtor”) hereby
promises to pay to the order of _____________________ (the “Lender”) at
_____________________________ [address] the principal sum of ________________ dollars
($___________), payable on demand, with interest thereon, at the rate of __________ percent
(_____%) annually.

       THIS PROMISSORY NOTE is not secured.

       NO COURSE OF DEALING between the Debtor 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 Debtor shall bind the Debtor’s heirs, executors,
administrators, successors, and assigns, whether or not so expressed.

       DEBTOR 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 (1) payment of interest or any other amounts secured by this
Promissory Note, (2) bankruptcy or insolvency of the Debtor, (3) filing of a petition in
bankruptcy against the Debtor, or (4) the making of a proposal in bankruptcy by the Debtor, 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.


        DATED this _____ day of ____________________, _______.



Name of witness:                                    Name of Debtor:
                                                    Title:




© Copyright 2013 Docstoc Inc.                                                           2
[Comment: Use the company signature block if the debtor is a company]

[Insert Company name and address]




Name:
Title:
I am an agent of the above-named company and I have the authority to bind the company.




© Copyright 2013 Docstoc Inc.                                                       3
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DOCUMENT INFO
Description: This document is a template for a promissory note between a lending party (Lender) and a loaning party (Debtor). A promissory note contains an unconditional promise by the borrower to repay the note under specified terms. As drafted, this promissory note is unsecured. This document contains both standard clauses as well as opportunities for customization to best fit the needs of the drafting parties.
This document is also part of a package Business Transaction Starter Kit 14 Documents Included