Promissory Note for Security Deposit
This promissory note (the “Note”) is signed on this 1st day of January, 2050, by Olivia Bennett ("Maker"), residing at 789 Pine Lane, Dreamville, Fantasia, 67890. The Maker holds complete responsibility for the payment of a principal amount of $3,000 (the “Principal Sum”) to the person or entity named (the “Payee”).
The Principal Sum will be remunerated by the Maker to the Payee with agreed upon terms and conditions as stipulated in this Note. Failure to adhere to these terms can have direct legal impressions.
Loan
The Principal Sum of $3,000 will be loaned by the Payee to the Maker as detailed in this Note. The loan originated on the 27th day of July 1999, and is due to be paid in full by the end of the tenure stipulated below.
Terms of Repayment
The repayment of the Principal Sum by the Maker to the Payee will be conducted through a set payment plan agreed upon by both parties. The full sum of the loan is to be remunerated by the 1st of July, 2050. This entails the full payment of the outstanding debt in total, inclusive of any accrued interest over the term period.
Interest
The Principal Sum of $3,000 doesn't bear any interest in accordance with the terms of this Note.
Consequences of Late Payment
Late payment will be examined as a substantial violation of this Note and will warrant the enforcement of penalties, including but not limited to legal action to reclaim the owed sum.
Conditions
Additionally, under the tenets of this Note, the Maker agrees that any grievances in relation to the understanding of its conditions will be resolved conclusively by neutral arbitration.
Signatures
This Promissory Note, duly signed below, will act as an agreement of the terms and conditions set forth herein.
Maker:
_____________________
Olivia Bennett
Payee:
_____________________
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