Secure the repayment of a loan made in Canada with this Promissory Note for Interest Only.
- This form of Note allows the borrower to make payments against interest only, with no payments to be made against the principal amount until the date specified in the Note.
- Interest payments will be made in arrears, at regularly scheduled dates.
- The principal may be repaid at any time without a penalty (fee) being charged.
This Canada Promissory Note for Interest Only template is in MS Word format, and can be edited as necessary to include all the specifics of your transaction.
PROMISSORY NOTE PRINCIPAL: CAD $__________ (the “Principal”) DATE: [date] Address for Payment: ____________________ FOR VALUE RECEIVED, [insert name(s) of Borrower(s)] [if more than one: jointly and severally] promise to pay to [insert name of holder] (the “Holder”), or order, at the above noted address for payment, the Principal, in lawful money of Canada, with interest thereon at the rate of ##% per year from the date set out above, both before and after demand, maturity, default and judgment until paid in full. The principal sum and interest thereon shall be due and payable as follows: (a) no principal payments prior to the earlier of default or [insert due date]; (b) interest payments in arrears commencing on [date on which interest payments commence] and continuing thereafter on the ___ day of each [insert which month(s) the payments are to be made in] through and including [insert due date], at which time (c) the remaining principal and interest outstanding, if any, shall immediately become due and payable without any further notice or demand; provided that (d) the Holder shall have the option to accelerate the
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