Promissory Note
This Promissory Note ('Note') is made this day of October 5, 2050, by Ethan Harris, 789 Pine Lane, Dreamville, Fantasia, 67890, referred to as the 'Maker', under the following terms and conditions:
The Maker promises to pay the sum of $3,000 ('Principal Sum') as balance for a car by July 27, 1999. The Promissory Note shall be payable as per the following specifications:
Loan Terms
The Principal Sum of $3,000 will be repayable in full by July 27, 2099. Failure to comply with this repayment schedule may result in delays, affecting the Maker's credit history and could lead to legal actions for the recovery of the Principal Sum.
Interest
No interest shall be charged on this Note.
Late Payment
In the event of any missed or late payments, a late payment fee may apply. The Maker shall fulfily his payment obligations on or before the specified due date to avoid such penalties.
Governing Law
This Promissory Note will be governed by and construed in accordance with the laws of the state of Fantasia, without giving effect to any conflict of laws principles.
Default
In the event of default, the Maker agrees to pay reasonable attorney fees and court costs to the extent permitted by law.
This Promissory Note is legally binding and has been duly executed and delivered by the Maker.
Signature
___________________________________
Ethan Harris, Maker
___________________________________
[Name], Payee
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