PROMISSORY NOTE
This Promissory Note (the “Note”) is made and effective the 5th day of January, 2050, by and among Olivia Bennett residing at Make-believe County, 12345 (the “Maker”), and the payee (the “Payee”).
1. PROMISE TO PAY
In return for a loan that the Maker has received, Maker promises to pay the sum of $3,000 (the “Principal Sum”) and interest to the Payee, with the payment due on the 27th day of July, 2050. This payment will be made at Payee's address or at a different location if required by Payee.
2. REPAYMENT TERMS
The Maker promises to pay the principal sum and the accrued interest in full on the mentioned date. This is a single-pay note, therefore, no periodic payments will be accepted or required.
3. INTEREST RATE
No interest will be charged against the Principal Sum of this Promissory Note.
4. LATE CHARGE
If any payment obligation under this Note is not paid when due, the Maker agrees to pay a late fee of 10% on said payment.
5. DEFAULT
Failure to make any payment or fulfil any obligation under this Note, as stipulated, shall be considered as a default of the agreement. Upon occurrence of such default, the Payee may declare the outstanding Principal Sum immediately due and payable.
6. PREPAYMENT
The Maker has the right to repay the Principal Sum and accrued interest without obtaining the express permission from the Payee, without penalty or premium.
7. BINDING AGREEMENT
This Note will pass to the benefit of the Payee and its successors, and will bind the Maker and its successors. This Note is a legal and binding agreement between the Maker and the Payee.
Maker:
________________
Olivia Bennett
Payee:
________________
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