PROMISSORY NOTE
THIS PROMISSORY NOTE, ("Note") is made and executed this 1st day of January, 2050, by Ava Martin, whose address is Los Angeles, California, herein referred to as the "Maker", for the promise to pay in United States Dollars the Principal Sum of $3,000, henceforth known as the "Principal Sum".
This promissory note is legally binding and certified that the debt specified above is indeed owed and legally enforceable, and that the Maker, Ava Martin, promises to repay in full to the Payee, herein subject to the following terms and conditions, which are explicitly acknowledged and accepted by the Maker.
1. Repayment Terms
Beginning on February 1st, 2050, and every month thereafter, the Maker agrees to make equal payments of $250, until the Principal Sum is fully paid. The last payment will be a lump sum consisting of any unpaid portion of the Principal Sum.
2. Interest Rates
If no payment is made for a period of 30 days following any scheduled payment date, interest will accrue on the unpaid Principal Sum at the maximum rate permitted by law.
3. Consequences for Late Payments
If any payment obligation under this Note is not paid when due, the remaining unpaid Principal Sum will be immediately due and payable at the Maker's discretion.
4. Default
In the event of any default by the Maker, the Payee's legal remedies include but are not limited to, the right to demand full payment of the remaining balance, to begin legal proceedings for breach of contract, and to demand security or additional security on the loan without releasing any part of the original security.
5. Waiver
The rights of the Payee shall be cumulative and may be exercised successively or concurrently in their absolute discretion.
IN WITNESS WHEREOF, this Note is executed. Agreed and delivered, on this 1st day of January, 2050.
Maker:
Ava Martin, Los Angeles, California
Payee:
[Please Print and Sign]
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