Money Lending Promissory Note
THIS PROMISSORY NOTE, ("Note") is executed on this Eighth day of January, 2050 by Ethan Harris , an individual, residing at Los Angeles, California, hereinafter referred to as the "Maker", with a promise to pay to the order of the "Payee" the principal sum of Three Thousand Dollars ($3,000), representing the car balance as of July 27, 1998 with interest on the unpaid balance from date to date hereof, until paid, at the rate prescribed by law. All payments under this Note will be applied first to accrued interest and the balance to principal.
1. PROMISE TO PAY: The Maker promises to pay to the Payee, the principal sum of Three Thousand Dollars ($3,000) or so much thereof as has been advanced by Payee to Maker, with interest thereon, payable in lawful money of the United States of America. Payments shall be made to the Payee at Payee's address.
2. REPAYMENT TERMS: The principal amount of this Note, and the interest accrued thereon, shall be fully paid by Maker to Payee in a single lump sum not later than the 8th day of January, 2055, or sooner upon demand if there occurs an Event of Default under this Note.
3. EVENT OF DEFAULT: An Event of Default occurs if Maker fails to comply with or to perform any term, obligation, covenant or condition contained in this Note.
4. CONSEQUENCES OF DEFAULT: Upon the occurrence of any Event of Default, Payee may declare the entire unpaid principal balance under this Note, and all accrued unpaid interest immediately due and payable without presentment, notice of dishonor, protest, or resort to any other formality. Maker shall be responsible for all costs of collection, enforcement and preservation of Payee's rights under this Note, including attorneys' fees.
IN WITNESS WHEREOF, the Maker has executed and delivered this Promissory Note as of the date first above written.
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Signature of Maker
Ethan Harris
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Signature of Payee
[Name of Payee]
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