Interest-Free Promissory Note
Date: January 1, 2060
Loan Amount: $10,000.00
Borrower: John Mark
Borrower's Address: 123 Maple Street, Springfield, IL 62701
Lender: [Your Name]
Lender's Address: 456 Oak Avenue, Springfield, IL 62701
1. Promise to Pay
For value received, I, John Mark, hereby promise to pay Jane Smith the sum of Ten Thousand Dollars ($10,000.00) in full on or before January 1, 2061.
2. Payment Terms
The borrower is required to fully repay this loan by providing the entire amount as a single payment on the specified maturity date. Additionally, throughout the loan, no interest will accrue or be charged, meaning the borrower is only responsible for repaying the principal amount without any additional interest expenses.
3. Place of Payment
All payments must be remitted to the address of the Lender that is provided in the section above or to any other location to which the Lender may assign in a written notice.
4. Prepayment
The Borrower may prepay this loan in whole or in part without penalty at any time before it becomes due. Any prepayments shall be applied to the outstanding principal balance.
5. Default
If the Borrower fails to make any payment when due, the Lender may declare the entire unpaid principal balance immediately due and payable. The Lender reserves the right to pursue any legal remedies available to collect the debt.
6. Governing Law
This Promissory Note shall be governed by and construed in accordance with the laws of the State of Illinois.
7. Signatures
This Promissory Note is executed as of the date first above written.
Borrower's Signature:
John Mark
Borrower
Lender's Signature:
[Your Name]
Lender
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