Promissory Note
FOR VALUE RECEIVED, I, Olivia Bennett, residing at 789 Pine Lane, Dream Ville, Fantasia, 67890, ("Maker"), hereby promise to pay the principal sum of $3,000 (Three Thousand Dollars), with interest accruing from the date of this Promissory Note ("Note"), as specified below:
Loan Terms and Conditions
The Maker shall repay the amount stated above ("Principal Sum") through a series of equal monthly payments, commencing on the 1st day of August, 2050, and continuing until the Principal Sum and accrued interest are paid in full. The final maturity date for this Note is on the 1st day of August, 2055.
If any payment obligation under this Note is not paid when due, the remaining unpaid Principal Sum and any accrued interest shall become due immediately at the discretion of the payee. In addition, the Maker will be held responsible for any reasonable attorneys' fees and other costs of collection.
Interest Rate
Unless varied or changed in writing, the interest rate on this Promissory Note shall be zero percent (0%).
This Note is not assignable by Payee without Maker's written consent and is payable only to the original Payee listed above or its legal representative. This Note is binding upon the Maker and its successors and assigns.
Written communication related to this Promissory Note should be addressed to the Maker's residence stated above.
Maker and Payee have affixed their hands and seals on this day, 1st July, 2050. This Note takes effect as of this date.
Signature
_________________________
Olivia Bennett
Maker
_________________________
Signature and Printed Name of Payee
Payee
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