Promissory Note for Enrollment
This Promissory Note is entered into on this 1st day of January 2050, between Ava Martin, residing at Los Angeles, California (hereinafter referred to as the "Maker") and the recipient of the loan amount (hereinafter referred to as the "Payee").
The Maker hereby promises to pay to the Payee, upon the terms and conditions hereinafter set forth, the principal sum of Three thousand dollars ($3.000) for the outstanding car balance of July 27, 1998.
1. Repayment: The principal amount of this Promissory Note and applicable financial obligation shall be fully paid by the set due date. Payment shall be applied first to the accrued interest and the remainder to the outstanding principal.
2. Interest Rate: Interest on the unpaid principal balance of this Note will accumulate at a rate of 5% per annum until the principal is fully paid.
3. Late Fee: If the Maker fails to make the payment within ten (10) days of its due date, a late fee of 5% of the overdue balance amount will be imposed.
4. Default: If the Maker fails to pay the Note within a specified period, this will be considered as default. In case of default, the Holder can demand immediate payment of the entire remaining unpaid balance of this Note.
This Note shall be binding upon the Maker and its successors and assigns, and the rights and remedies of the Payee shall inure to the benefit of the Payee's successors and assigns.
In Witness Whereof, the Maker has executed this Promissory Note as of the first date above written.
Maker:
_____________________________
Ava Martin
Payee:
_____________________________
Signature
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