Promissory Note for Late Rental Payment
This Promissory Note (the "Note") is executed on January 1, 2050, by Ethan Harris, residing at 789 Pine Lane, Dream Ville, Fantasia, 67890 (the "Maker"), for the benefit of the Payee, both of whom may be referred to collectively as the "Parties".
Introduction
This Note is legally binding and certified by the Maker to fulfil the due amount of Three Thousand Dollars ($3,000) representing the Principal Sum, which was initially a balance for car purchase dated July 27, 1999.
Loan Terms
The Maker promises to pay the Principal Sum with the interests specified below, fully and promptly on the due date. Any payments related to this Note will be applied first to any later charges, then to interest, and the remainder applied to the principal. The Note becomes due in one year, effective from the date of the Promissory Note.
Interest Rate
If the Principal Sum or any part of it remains unpaid after the due date, interest at a rate of 15% per annum will be chargeable until the entire Principal Sum is repaid.
Conditions for Late Payments
If any amount is not received by the Payee within thirty (30) days after the due date, the Payee will impose a late fee of 10% on the outstanding Principal Sum. This late fee will be payable along with the overdue amount.
Default
In the event of a default by the Maker, the Payee may demand the entire Principal Sum indebted under this Note, including the accrued interest and any late fees, become immediately due and payable. The Maker agrees to pay all costs of collection, including but not limited to, reasonable attorney's fees and other legal costs incurred by the Payee in enforcing this term.
By signing this agreement, the Maker acknowledges and agrees to all terms and conditions outlined above and makes a firm promise to repay the Principal Sum along with any additional fees as per the terms specified in this agreement.
Signatures:
______________________
Ethan Harris
______________________
(Payee)
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