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$____ — ____________
FOR VALUE RECEIVED, ____________, of ____________ (“Borrower”), promises to pay to the order of ____________, of ____________ (“Lender”), the principal sum of $____, without interest.
The entire unpaid principal shall be due and payable in full on or before ____________. Payments shall be made at the Lender's address stated above or at such other place as Lender may designate in writing.
Borrower may prepay this Note in whole or in part at any time without penalty. Prepayments are applied first to accrued interest, then to principal.
If Borrower fails to make any payment when due and the failure continues for fifteen (15) days, Lender may declare the entire unpaid balance immediately due and payable. Upon default, the unpaid balance shall bear interest at the lesser of 10% per year or the maximum rate permitted by law, and Borrower shall pay Lender's reasonable costs of collection, including reasonable attorneys' fees.
Borrower and every endorser waive presentment, demand for payment, notice of dishonor, and protest. No delay by Lender in exercising any right is a waiver of that right. Borrower may not assign or delegate its obligations under this Note without Lender's prior written consent; Lender may transfer this Note freely.
This Agreement shall be governed by and construed in accordance with the laws of the State of ____________, without regard to its conflict-of-laws principles.
If any provision of this Agreement is held to be invalid, illegal, or unenforceable, the remaining provisions shall continue in full force and effect, and the invalid provision shall be modified to the minimum extent necessary to make it valid and enforceable.
This Note is signed by Borrower as of the date first written above. Only the Borrower is required to sign a promissory note; the Lender's acceptance is shown by holding the Note.