Real Estate Promissory Note
1. Borrower Information
Name: Alexa Dale
Address: 123 Main Street, Springfield, IL 62701
2. Lender Information
Name: [Your Name]
Address: 456 Elm Avenue, Springfield, IL 62702
3. Principal Amount
The Borrower hereby promises to pay the Lender the principal sum of $250,000 (Two Hundred Fifty Thousand Dollars) under the terms of this Promissory Note.
4. Interest Rate
The Borrower agrees to pay interest on the unpaid principal balance at an annual rate of 5% (Five Percent), commencing on January 1, 2050.
5. Payment Schedule
The Borrower shall make monthly payments of $1,500 (One Thousand Five Hundred Dollars) each, beginning on February 1, 2050, and continuing on the first day of each subsequent month until the total amount owed, including principal and accrued interest, is paid in full.
6. Late Payment Penalties
Should any payment not be received by the due date, the Borrower shall incur a late fee of $50 (Fifty Dollars) or 5% (Five Percent) of the overdue amount, whichever is greater. The late fee will be assessed immediately following the due date.
7. Security
This Promissory Note is secured by a mortgage on the real estate located at 789 Oak Lane, Springfield, IL 62703 (the "Property"). The Borrower grants the Lender a lien on the Property as collateral for this loan, ensuring the Lender's rights in the event of default.
8. Governing Law
This Promissory Note shall be governed by and construed following the laws of the State of Illinois. Any legal proceedings related to this Note shall be conducted in the appropriate court of that jurisdiction.
9. Signatures
By signing below, both parties acknowledge that they have read and understand the terms of this Promissory Note and agree to be bound by its provisions.
Borrower's Signature:
Alexa Dale
Borrower
Lender's Signature:
[Your Name]
Lender
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