Promissory Note
In Los Angeles, California on this day, 1st Day of January, 2050, the borrower, Liam Davis promises to repay the total principal sum of $3,000 specific to car balance dating back to July 27, 1998, with interest as per the terms stated below:
Loan Terms
The borrower, Liam Davis, promises to make payments of the principal sum, including interest on a monthly basis commencing on the 1st February 2050, and to completely repay the debt by 31st December 2054.
Interest Rates
The annual percentage rate of this loan is set at 5%, accrued monthly, of the unpaid balance. If payment is not received by the due date, the borrower may be declared in default of the agreement.
Principal balance is defined as the initial amount of the total sum unpaid at the start of the transaction. Any calculation of accrued interest will be based upon the borrower's outstanding principal balance under this promissory note.
Conditions and Consequences for Late Payment
Any payments not received within 15 days from their due date are considered late and will result in a late fee equivalent to 5% of the owed amount not exceeding $200. The borrower may also be declared in default if late/non-payments exceed 60 days.
Upon default, the borrower agrees to pay all reasonable costs of collections and legal fees as outlined in this promissory note. This contains the complete agreement between Liam Davis (the Borrower) and the Lender, and cannot be changed orally.
This Promissory Note, entered into will be binding upon the Borrower and their heirs, executors, administrators, and successors. As swapped with the State of California, the venue for any legal actions arising from this promissory note will be in the county where the Lender resides.
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Liam Davis (Borrower)
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Payee
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