Professional Legal Promissory Note
Date: January 1, 2060
Loan Amount: $50,000.00
Interest Rate: 5% per annum
Loan Due Date: December 31, 2065
1. Borrower Information
Name: Alexander Carter
Address: 789 Willow Street, Boston, MA 02108
Phone: (555) 789-1011
2. Lender Information
Name: Olivia Thompson
Address: 101 Pine Avenue, Los Angeles, CA 90012
Email: [Your Email]
3. Principal Loan Amount
For value received, the undersigned, Alexander Carter, hereby promises to pay [Your Name], the principal sum of Fifty Thousand Dollars ($50,000.00), along with interest as described below.
4. Interest Rate
The unpaid principal balance of this Note shall accrue interest at the rate of five percent (5%) per annum, beginning from the effective date of this agreement. Interest will be calculated on a 365-day-year basis.
5. Payment Schedule
The Borrower agrees to make monthly payments of One Thousand Dollars ($1,000.00), beginning on February 1, 2060. Payments shall be due on or before the 1st day of each month until the Loan Due Date or the full loan is repaid, whichever occurs sooner. Payments will first be applied to any accrued interest and then to the principal balance.
6. Late Payment Penalty
In the event that any payment is not received by the Lender within seven (7) calendar days after the due date, the Borrower will incur a late fee of five percent (5%) of the overdue payment. The late fee shall be payable immediately by the Borrower.
7. Prepayment Option
The Borrower may prepay the entire loan amount or any part of it without penalty at any time. Any prepayment will first be applied to any accrued and unpaid interest, and the remainder will be credited towards the principal.
8. Loan Maturity
The total unpaid balance of the principal and accrued interest must be paid in full no later than December 31, 2065.
9. Event of Default
Failure to meet any term of this Promissory Note, including the failure to make payments, shall constitute a default. Upon default, the Lender has the right to declare the entire remaining balance, including accrued interest, immediately due and payable. The Borrower agrees to cover all reasonable costs incurred by the Lender in the enforcement of this Note, including legal fees.
10. Security Agreement
This Promissory Note is secured by the Borrower’s property, specifically a 2050 Mercedes-Benz S-Class, VIN: W1K6G7FJ8KB246789. In the event of a default, the Lender has the legal right to repossess the collateral by applicable laws.
11. Governing Law
This Promissory Note is governed by and shall be interpreted following the laws of the State of California, without regard to conflict of law principles.
Borrower
Alexander Carter
January 1, 2060
Lender
Olivia Thompson
January 1, 2060
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