Personal Loan Promissory Note
This Personal Loan Promissory Note is made by Olivia Anderson, resident of Los Angeles, California, hereinafter referred to as “Maker”, and promises to pay the Principal Sum of $3,000 to the designated “Payee”, as both agree on this agreement effective from the date first written below.
The Maker and Payee, by their respective signatures, acknowledge and accept the conditions and terms established in this Personal Loan Promissory Note.
Principal Sum:
The principal sum refers to a car balance amounting to $3,000, granted by the Payee to the Maker. This amount is fully acknowledged by both parties involved – the Maker and the Payee.
Repayment:
The Maker promises to repay the principal sum on or before July 27, 2050, and agrees to make payments until the total amount due is paid in full.
Interest:
No interest shall be applied to the principal sum as established in this Personal Loan Promissory Note.
Late Payment:
In case any installment of the principal sum isn't paid by the dates set forth in this agreement, the unpaid balance will bear interest as per laws applicable, starting from the date of default.
Security:
Unsecured promissory note: The Maker understands and acknowledges that this note is a personal loan and is not secured by any mortgage, security agreement, or otherwise collateralized.
Legal Effect:
The Maker, fully understand and agree that the failure to promptly pay the amounts specified in this note may lead to legal prosecution under applicable laws.
This promissory note shall be binding upon the Maker and shall inure to the benefit of the Payee and its successors and assigns.
Venue:
This agreement and the interpretation of its terms shall be governed by and construed in accordance with the laws of the State of California and subject to the exclusive jurisdiction of the federal and state courts located in Los Angeles, California.
Signed and dated this July 27, 2050,
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Olivia Anderson - Maker
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Payee Name - Payee
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