Promissory Note
This Promissory Note ("Note") is entered into on this day, the 1st day of January, 2050, by and between Liam Davis, residing at Los Angeles, California (hereinafter referred to as the "Maker") and the holder of this Note (hereinafter referred to as the "Payee"), collectively referred to as the "Parties".
Promises to Pay: For value received, the Maker hereby promises to pay to the order of the Payee, the sum of Three Thousand Dollars ($3,000) or such outstanding balance on such date together with any accrued and unpaid interest thereon, on the 27th July 2050.
Payment: The repayment of the principal and interest are to be made in the manner stipulated by the Payee. This Note will be fully paid with equal payments at regular intervals until paid in full. Each payment will be credited first to the interest then to the principal. The Maker has the privilege to prepay the entire outstanding balance at any time without penalty.
Interest: Unless otherwise provided by law, the interest rate on this Promissory Note is one percent (1%), per annum, computed on the basis of the actual number of days elapsed over a 365-day year.
Default: Upon any default, the Maker agrees to bear all reasonable costs and expenses, including attorney fees for the collection of this Note to the extent permitted by law.
Binding Effect: This Note is binding upon the Maker and inures to the benefit of the Payee and its successors and assigns.
Waiver: The Maker waives presentment for payment, notice of dishonor, protest, and notice of protest.
IN WITNESS WHEREOF, the Maker has executed this Sample Promissory Note as of the date first above written.
Maker:
Liam Davis
Los Angeles, California
Payee:
____________________________
____________________________
This Promissory Note shall be interpreted in accordance with the laws of the State of California.
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