Student Loan Promissory Note
PROMISSORY NOTE
This Note is executed this date, January 1, 2050, by Olivia Bennett, herein referred to as the 'Maker,' residing at 789 Pine Lane, Dreamville, Fantasia, 67890, to the order of the 'Payee.'
PRINCIPAL SUM
The Maker acknowledges a debt and, for value received, promises to pay to the Payee a principle sum of Three-Thousand Dollars ($3,000) along with accrued interest, if applicable, for a car balance from July 27, 1998.
TERMS OF REPAYMENT
Repayment of the principal sum and interest shall commence upon execution of this promissory note ("Promissory Note Student Loan Promissory Note") and continue until the entire principal sum has been fully repaid. The Maker agrees to pay the principal and interest in monthly installments, as agreed upon in writing with the Payee, with the balance to be paid in full no later than January 1, 2070.
INTEREST RATE
The annual interest rate applicable to this Student Loan Promissory Note is subject to agreement between the Maker and the Payee, and if not agreed upon, a rate of 4% on the unpaid balance(s) will be applicable.
LATE PAYMENT CONSEQUENCES
In the event that the Maker fails to fulfill the terms of repayment or misses a payment due, a late payment penalty of 5% of the overdue payment of principal and interest will be added to the amount owed. Continued failure to meet the repayment terms could result in legal action.
SIGNATURES
By signing this Promissory Note Student Loan Promissory Note, the Maker acknowledges and guarantees to pay the Payee the principal sum and any associated interest payments or late fees, pursuant to the terms and conditions herein.
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Olivia Bennett, Maker
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Payee
