Free Promissory Note – Multiple Options
This Promissory Note is between a borrower and a holder who will accept payment through installments or full payment on a certain date. This note includes the names of both parties, the amount of the loan, the date payment is due (one option) or an installment arrangement (second option). This Promissory Note with Multiple Options does not contain a prepayment penalty clause. It does contain a provision which states that in the event of default, the note shall become due and payable upon demand by the holder.
Disclaimer:This was not drafted by an attorney & should not be used as a legal document.
Promissory Note
For good and valuable consideration, I ___________________________ of ________ _________________________________________ (“Undersigned”) hereby promises to pay to the order of _____________________________________ (“Holder”), the sum of $_______________________ (“Principal”), together with interest at the rate of ______ % per annum on any unpaid balance.
The said Principal amount along with the interest shall be due and payable to the Lender on the ______day of _______________________, __________.
OR
The said Principal amount along with the interest, shall be paid in the following installments:
$_____________ on _____________________
$_____________ on _____________________
$_____________ on _____________________
$_____________ on _____________________
This Note may be prepaid in whole or in part at any time without premium or penalty. All prepayments shall be applied first to interest, then to principal payments in the order of their maturity.
In the event the undersigned defaults in making any payments due under this note, this note shall become due and fully payable upon demand of the holder.
This note shall be enforced in accordance with the laws of the state of _____________________.
The parties to this note hereby waive any presentment, demand, protest, and all notices thereto, and agree to remain fully bound notwithstanding any extension, indulgence, modification or release or discharge of any party or collateral under this note.
Signed this _________ day of ____________________, ___________.
By: __________________________________
In the presence of:
_______________________________ ______________________________
_______________________________ ______________________________
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