Promissory Note
This Promissory Note ("Note") is executed this day of ____________, 2050, by Olivia Bennett, an individual residing at 789 Pine Lane, Dreamville, Fantasia, 67890 (the "Maker"), in favor of the party whose name is on this Note as the payee (the "Payee").
Loan Terms
This Note represents the Maker's promise to pay the principal sum of $3,000.00 (Three Thousand Dollars), ("Principal Sum") which is to repay the car balance due by July 27, 1998. The Principal Sum shall be paid in installments of ____________, on the ____ day of each ____________, starting from ____________, 2050.
Interest Rate
The Principal Sum carries an annual interest rate of _____ (___ percent) if applicable, beginning from the date of completion of this Note until full payment of the Principal Sum is made.
Late Payment
If the Maker fails to make the payment by the due date, a late fee of ____% per day will be levied against unpaid amount from the due date until the payment date.
Default
If the Maker fails to pay according to the terms of this Note, the Maker will be in default, and the Payee may demand immediate payment of the remaining Principal Sum with accrued interest. If legal action is necessary to collect this Note, the Maker will pay all court costs and the Payee's attorney fees.
This Note is binding upon the Maker and the Maker's heirs, successors, and assigns.
Prepayment
The Maker has the right to prepay the Principal Sum in whole or in part prior to the due date with no prepayment penalty.
Governing Law
This Note shall be governed by and construed in accordance with the laws of the state of ________.
Signatures
Maker:
______________________
Olivia Bennett
Payee:
______________________
Name of Payee
