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Installment Note for Purchase of Goods

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Do you sell goods on credit and allow your customers to pay in installments? Secure the outstanding balance on their account with this Installment Promissory Note for Purchase of Goods. - The maker of the Note (customer) agrees to repay the secured amount by a series of installment payments against the principal and interest due under the Note. - The supplier (holder of the Note) retains title to the goods until the balance is completely paid. - The holder has the right to assign the Note to a third party. This Installment Promissory Note for Purchase of Goods form is provided in MS Word format, and is fully editable to fit your circumstances.

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									  We’ve Got It!                                                          www.megadox.com


                        PROMISSORY INSTALLMENT NOTE
                           FOR PURCHASE OF GOODS

PRINCIPAL: $[principal amount] (the “Principal”)                                       DATE: [date]

1.      FOR VALUE RECEIVEDTerms of Note: For value received, [Name(s) of                                  Formatted: Bullets and Numbering
promissorParty(ie(s) making the note] (the “Maker”) [if more than one: jointly and severally]
promise to pay to [Name of Lender / Note Hholder] (the “HolderPayee”), or order, at the City
of [city], in the [State/Province] of [state/province], the above-noted Principal, together with
interest thereon or so much thereof as shall from time to time remain unpaid at the rate of
[INTEREST RATE] (___%) PER CENT per annumyear, as well after as before maturity and
both before and after default, by way of monthly instalments (the “Instalments”), commencing
the _____ day of ______________, _______ and continuing thereafter on the ____ day of each
and every month in each and every year thereafter until the earlier of [due date] and the date that
this Promissory Note is paid in full, each of the Instalments to be in the minimum amount of
[minimum amount]. In the event that any Instalments are not paid, in whole or in part, within
thirty (30) days of the date when such Instalment is due, then, at the option of the Holder hereof,
the entire outstanding amount of the Principal shall become wholly due and payable UPON
DEMANDin installments as follows:

       ________ monthly installments of $###.## each, to be made on the ______ day of each
       and every month, commencing on [insert first payment date] and. ending on [insert last
       payment date]

2.     Sale of Goods: This note is given for the purchase of [insert description of the goods             Formatted: Bullets and Numbering
being purchased] (hereinafter referred to as the “Goods”).
3.      Title & Security Interest: Title to the Goods shall remain with the Payee of this Note
until all of the installments hereunder are paid in full. The Payee is hereby granted a security
interest in all of the Goods to secure the prompt compliance of the Maker in performing all of its
obligations under this Note.
4.     Acceleration, Repossession: If there is any default in the payment of any installment of
principal or interest under this Note, or if there is a sale or attempted sale of all or any portion of
the Goods, or if there is a removal or attempted removal of all or any portion of the Goods from
[name of state or province in which the goods are located], or if any other event occurs which
causes the Payee to deem itself insecure, the Payee shall have the option to declare all of the
unpaid installments of this note due and payable at once, and the Payee shall have the right to
repossess the Goods.
5.      Preservation of Goods: The Maker shall insure the Goods for [insert amount(s) and
type(s) of insurance to be carried] with a company acceptable to the Payee, and the Maker shall
comply with all requirements of the Payee to preserve the Goods.
                                                -2-

6.      Waiver: Failure on the part of the Payee to exercise any option on the occurrence of a
default under this Note shall not operate to bar the right of the Payee to exercise the option on
any subsequent default.
7.      Interest: The Maker shall not be required to pay and the Payee shall not be permitted to
collect interest in excess of the maximum permitted by the law applicable to this transaction. If
any excess of interest is provided for in this Note or has been collected under this Note, the
Maker shall not pay 
								
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