PROMISSORY NOTE
THIS PROMISSORY NOTE (the “Note”) is made and entered into this 15th day of January of 2050, by and between Liam Davis, residing at Los Angeles, California (hereafter known as the "Maker") and the Payee.
FOR VALUE RECEIVED, the Maker promises to pay to the order of the Payee, the principal sum of Three thousand dollars ($3,000) with interest at the rate of ____ percent per annum on the unpaid balance, and to mature on the date of 27th July 1999, at which time the entire unpaid principal and all accrued interest shall be due and payable in full.
LOAN TERMS
The Maker will repay the Promissory Note for Land Purchase to the Payee based on the following repayment terms:
Principal amount: $3,000. Payments shall be made in __ equal installments, or more often as Maker is willing, until the full amount of principal and interest accrued has been paid in full.
The initial payment will commence one month from the Note execution’s date and will continue every month thereafter until the total amount of the Note has been paid to the Payee in full.
CONDITIONS
The Maker is under an obligation to pay the interest as stipulated in this Note for the entire overdue amount from the date it falls due until it is paid. If any part of the principal or accrued interest is not paid when due, the whole sum shall become due and payable at the option of the bearer of this Note.
In case of any delay in payment, the Maker will pay additional late charge fees to cover the collection costs incurred by the Payee. The failure of the Payee to exercise this option will not constitute a waiver of its right to exercise it in the future.
All parties to this Note waive presentment, notice of dishonor, protest and notice of protest.
This Note is binding upon the Maker's successors and assigns.
SIGNATURE
This Promissory Note shall be effective as of the date first written above. The Maker and Payee shall indicate their acceptance of these terms and execute this agreement by signing below.
__________________________
Liam Davis, Maker
__________________________
_______, Payee
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