Promissory Note
THIS PROMISSORY NOTE ("Note") is made and entered into this 1st day of January 2050 by Olivia Anderson, residing at 789 Pine Lane, Dreamville, Fantasia, 67890 (hereafter referred to as "Maker"), in favor of the Employer (Hereafter referred to as the "Payee").
This promissory note has been made to document the loan given to the Maker by the Payee for the purpose of settling the remaining car balance of $3,000, dated July 27, 1999.
Loan Terms
1. The Maker promises to repay Payee an amount of $3,000 (the "Principal Sum").
2. If the Principal Sum or any part thereof is not paid on or before its due date, it shall bear interest at a rate of 5% per annum until fully paid.
Repayment Terms
1. The Maker shall repay the Principal Sum on the agreed upon completion by making installments every month, due on the first day of each month.
2. The Principal Sum may be prepaid at any time without any prepayment penalty.
Default
In the event of default, the Payee may serve a written notice upon the Maker and declare all outstanding amounts immediately due and payable.
Binding Effect
This Note shall bind the Maker’s heirs, executors, successors, and assigns.
Governing Law
This Note shall be governed by and constructed under the laws of the Smithopolis Province.
IN WITNESS WHEREOF, the Maker has executed this Employee Loan Promissory Note as of the first date written above.
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Olivia Anderson (Maker)
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(Employer's Full Name)
(Payee)
