Tuition Fee Promissory Note
This Promissory Note is made and executed this 27th day of July, 2050, by Jasper Montgomery, a resident of 789 Pine Lane, Dreamville, Fantasia, 67890. This note is a legally binding agreement under the laws of the state of Fantasia. In this note Jasper Montgomery will be referred to as the 'Maker' and the lending party will be referred to as the 'Payee'.
The Maker pledges to pay the Payee, $3,000 (Three Thousand Dollars) also referred to as ‘Principal Sum’ which is the balance of the car loan initially taken by the Maker on 27th July 1998. The payee acknowledges the receipt of the said Principal Sum from the Maker.
The payment of the aforementioned principal sum shall be made by the Maker to the Payee according to the following terms and conditions:
The Maker promises to pay in full to the Payee the entire principal sum along with any accrued interest incurred due to late payments.
The payment must be made at the Payee's designated address and within the stipulated time.
In case of any late payments, the Maker shall be liable to pay an interest of 10% per annum on the unpaid Principal Sum.
The Maker agrees that in case of default on this promissory note, the Payee has the right to declare the entire remaining unpaid Principal Sum and accrued Interest immediately due and payable.
This note shall bind the Maker and its successors and will inure to the benefit of the Payee and its successors and assigns. The Maker expressly waives presentment, demand, protest, notice of protest, and notice of dishonor.
Executed as of the day first above stated.
Maker: Jasper Montgomery
Payee: __________________
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