Promissory Note for Small Business Loan
Date: January 15, 2060
Borrower:
LGC Innovations, Inc.
1234 Market Street
Suite 100 Los Angeles, CA 90001
Tax ID: 12-3456789
Lender:
[Your Company Name]
[Your Company Address]
Tax ID: 98-7654321
Principal Amount: $100,000.00
Loan Term: 5 Years (60 months)
Annual Interest Rate: 6.5%
FOR VALUE RECEIVED, the undersigned Borrower promises to pay the Lender the principal sum of One Hundred Thousand Dollars ($100,000.00), with interest on the unpaid principal balance at the annual rate of 6.5%.
1. Payment Schedule
Payments shall be made in equal monthly installments of $1,966.59, commencing on February 15, 2060, and continuing on the 15th of each month thereafter until the loan is paid in full. The final payment shall be made on January 15, 2065.
2. Prepayment
The Borrower may prepay this Note in whole or in part at any time without penalty. Any partial prepayment shall not affect the Borrower’s obligation to continue making regular monthly payments as described in Section 1.
3. Late Charges
If any payment is not received within 10 days of its due date, the Borrower agrees to pay a late charge of 5% of the overdue amount.
4. Default
In the event of default in the payment of any installment, the Lender may declare the entire remaining balance immediately due and payable. Events of default include, but are not limited to:
Failure to make any payment when due.
Insolvency or bankruptcy of the Borrower.
Failure to comply with any covenant or agreement contained in this Note.
5. Governing Law
This Promissory Note shall be governed by, and interpreted following, the laws and regulations of the State of California.
6. Binding Effect
This Note shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns.
7. Amendment
This Note may only be amended or modified by a written agreement signed by both the Borrower and the Lender.
IN WITNESS WHEREOF, the Borrower has executed this Promissory Note as of the date first above written.
Borrower:
ABC Innovations, Inc.
Jane Doe
President
Lender:
[Your Company Name]
[Your Name]
Loan Officer
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