Promissory Note
This Promissory Note ('Note') is made and entered into this 1st day of January, 2050, by Liam Davis ('Maker'), residing at Los Angeles, California.
The Maker promises to pay the principal sum of $3,000 as balance payment for a car purchased on July 27, 1999. The payment will be made to the Payee, whose details are provided in this Note.
Loan Terms
The Maker is obligated to repay the unpaid balance of the loan, without demand, on or before the 31st day of December, 2051. If not paid by such date, the unpaid principal shall bear interest from the due date until paid at a rate of 5.5% per annum.
The Maker may at any time prepay this Note, in whole or in part, without premium or penalty. All payments made under this Note shall first be applied to accrued and unpaid interest and the balance against the principal amount.
Conditions
In the event of a default, the Maker agrees to pay all reasonable attorney fees and costs of collection to the extent permissible by law. The Maker and any endorsers of this Note waive presentment, notices of dishonor, and protest.
This Note is binding upon the Maker and his successors and assigns and is for the benefit of the Payee and its successors and assigns.
Signature
IN WITNESS WHEREOF, the Maker has executed this Promissory Note as of the date first above written.
_________________________________________________
Liam Davis (Maker)
Payee: _________________________________________
