Real Property Promissory Note
Date: [Insert Date]
Borrower: John Doe
Address of Borrower: 123 Main Street, Anytown, State, ZIP
Lender: Jane Smith
Address of Lender: 456 Oak Avenue, Anytown, State, ZIP
Loan Amount: $10,000
Interest Rate: 5%
Property Address: 789 Pine Road, Anytown, State, ZIP
1. PROMISE TO PAY
For value received, the undersigned Borrower promises to pay to the order of the Lender, the principal sum of $10,000, with interest accruing at the rate of 5% per annum, beginning on January 1, 2055, and ending upon full repayment of the loan.
2. PAYMENT TERMS
Borrower shall repay the loan as follows:
Principal Payments: $200 per month, starting on February 1, 2055, and continuing on the first day of each month thereafter until the full balance is paid.
Final Payment Due: On or before January 1, 2060, any remaining principal and interest shall be due in full.
3. SECURITY FOR THE LOAN
This Promissory Note is secured by the real property located at 789 Pine Road, Anytown, State, ZIP. The Borrower grants the Lender a lien against the property to secure repayment of this Note.
4. LATE PAYMENT
In the event of a late payment, Borrower agrees to pay a late fee of $50 if payment is not received within 10 days of the due date.
5. PREPAYMENT
The Borrower may prepay this loan, in full or in part, at any time without penalty.
6. DEFAULT
Failure to make any payment when due, or a breach of any term or condition in this Note, shall constitute a default. Upon default, the Lender may demand immediate payment of the full outstanding balance.
7. GOVERNING LAW
This Note shall be governed by, and construed following, the laws of the State of Anystate.
8. BORROWER’S WAIVERS
The Borrower waives the right to presentment and demand for payment, notice of dishonor, protest, and notice of protest.
9. ENTIRE AGREEMENT
This document contains the entire agreement between the parties and may not be modified except in writing, signed by both parties.
Borrower’s Signature:
John Doe
Lender’s Signature:
[Your Name]
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