simple promissory note - DOC

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					Promissory Note
1. Parties: The undersigned is ___________________, the Borrower: the Lender is ________________. 2. Date of Agreement: ___________________. 3. Promise to Pay: Within 37 months from today, Borrower Matthew Pettis promises to pay Seven Thousand three hundred dollars [$7300] and other charges that may accrue to Patrick Sheridan, Lender. 4. Breakdown of Loan: Amount of Loan: _____________ : for the purpose of buying the following property: _________________________________________________________________________________ 5. Repayment: Borrower will repay the amount of this note in equal uninterrupted monthly installments of $_______each on the __th day of each month starting on ____________until the entire loan amount has been paid. Each payment must be mailed to the lender at ________________________ by the ____th of each month unless otherwise agreed in writing by both parties. Payments can be made in person; however payments accepted in person do not change the payment requirements specified herein. 6. Prepayment: Borrower has the right to pay more than $________ in any payment and/or prepay the whole outstanding amount at any time. Acceptance of a payment larger than $_________does not change the payment requirements specified herein. 7. Late Charge: Any installment not paid within ten (10) days of its due date shall be subject to a late charge of $10.00 for any such late installment. Unpaid late charges will be added to the balance of the loan amount. If the Lender gives Borrower an extension of time to pay this loan, he/she still must repay the entire loan. 9. Default: If for any reason Borrower fails to make any payment on time, Borrower shall be in default. The Lender can then, at the lenders discretion, demand immediate payment of the entire remaining unpaid balance of this loan, without giving anyone further notice, and Lender will charge Borrower interest on the unpaid balance at 10 percent ( %) per year, compounded monthly 10. Right of Offset: The Lender may assign all of its right, title and interest in, to and under this note. All payments required to be made hereunder shall be made by the Borrower without any right of set-off or counterclaim. 11. Collection fees: In case suit or collection proceedings shall be brought for the collection of this Note, the Borrower agrees to pay reasonable attorney fees and court costs for making such collection, and also agrees to waive demand, notice of non-payment, and protest. If this note is placed with an attorney for collection, then Borrower agrees to pay an attorney's fee of fifteen percent (15%) of the unpaid balance. This fee will be added to the unpaid balance of the loan.

12. Date of applicability: This agreement was executed on _____________________. It is fully retro-active to the date the loan was made indicated in paragraph 2 above .
Agreed To: ______________________________ Lender __________________________________ Borrower

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