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STANDARD PROMISSORY NOTE
On the ___ day of _______________, 20___, hereinafter known as the "Start
Date", ___________________________ [Borrower’s Name] of ___________________
____________________________________________________ [Borrower’s Mailing
Address], hereinafter known as the “Borrower”, has received and promises to payback
___________________________ [Lender’s Name] of __________________________
______________________________________________________ [Lender’s Mailing
Address], hereinafter known as the “Lender”, the principal sum of
_____________________ US Dollars ($_______________) with interest accruing on
the unpaid balance at a rate of ___ percent (%) per annum, hereinafter known as the
"Borrowed Money", beginning as of the Start Date in the manner as follows:
1. PAYMENTS: The full balance of this Note, including all accrued interest and late
fees, is due and payable on the ___ day of _______________, 20___, hereinafter
known as the "Due Date".
A. Installment(s). (check the applicable box)
- LUMP SUM Borrower shall pay a lump sum to be made in-full, principal
and interest included, of ________________________ Dollars
($__________________) by the Due Date.
- INSTALLMENTS Borrower shall pay principal and interest in the amount of
________________________ Dollars ($__________________) on
a weekly basis with any remaining balance payable on the Due Date.
a monthly basis with any remaining balance payable on the Due Date.
a quarterly basis with any remaining balance payable on the Due Date.
LATE FEE - There shall be a late payment fee of _____________ Dollars
($_____) if an installment is not paid on-time along with the default interest due,
as described in Section 3, if the Lender does not receive the installment on the
due date.
2. SECURITY: (check the applicable box)
- UNSECURE There shall be NO SECURITY provided in this Note.
- SECURE There shall be Property described as ___________________________
________________________________ hereinafter known as the “Security”, which
shall transfer to the possession and ownership of the Lender IMMEDIATELY pursuant
to Section 6A of this Note. The Security may not be sold or transferred without the
Lender’s consent until the Due Date. If Borrower breaches this provision, Lender may
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declare all sums due under this Note immediately due and payable, unless prohibited by
applicable law. The Lender shall have the sole-option to accept the Security as full-
payment for the Borrowed Money without further liabilities or obligations. If the market
value of the Security does not exceed the Borrowed Money, the Borrower shall remain
liable for the balance due while accruing interest at the maximum rate allowed by law.
3. INTEREST DUE IN THE EVENT OF DEFAULT: In the event the Borrower fails to
pay the note in-full on the Due Date, unpaid principal shall accrue interest at the
maximum rate allowed by law, until the Borrower is no longer in default.
4. ALLOCATION OF PAYMENTS: Payments shall be first credited any late fees due,
then to interest due and any remainder will be credited to principal.
5. PREPAYMENT: Borrower may pre-pay this Note without penalty.
6. ACCELERATION: If the Borrower is in default under this Note or is in default under
another provision of this Note, and such default is not cured within the minimum allotted
time by law after written notice of such default, then Lender may, at its option, declare
all outstanding sums owed on this Note to be immediately due and payable.
6A. SECURITY - This includes any rights of possession in relation to the Security
described in Section 2.
7. ATTORNEYS’ FEES AND COSTS: Borrower shall pay all costs incurred by Lender
in collecting sums due under this Note after a default, including reasonable attorneys’
fees. If Lender or Borrower sues to enforce this Note or obtain a declaration of its rights
hereunder, the prevailing party in any such proceeding shall be entitled to recover its
reasonable attorneys’ fees and costs incurred in the proceeding (including those
incurred in any bankruptcy proceeding or appeal) from the non-prevailing party.
8. WAIVER OF PRESENTMENTS: Borrower waives presentment for payment, notice of
dishonor, protest and notice of protest.
9. NON-WAIVER: No failure or delay by Lender in exercising Lender’s rights under this
Note shall be considered a waiver of such rights.
10. SEVERABILITY: In the event that any provision herein is determined to be void or
unenforceable for any reason, such determination shall not affect the validity or
enforceability of any other provision, all of which shall remain in full force and effect.
11. INTEGRATION: There are no verbal or other agreements which modify or affect the
terms of this Note. This Note may not be modified or amended except by written
agreement signed by Borrower and Lender.
12. CONFLICTING TERMS: The terms of this Note shall control over any conflicting
terms in any referenced agreement or document.
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13. NOTICE: Any notices required or permitted to be given hereunder shall be given in
writing and shall be delivered (a) in person, (b) by certified mail, postage prepaid, return
receipt requested, (c) by facsimile, or (d) by a commercial overnight courier that
guarantees next day delivery and provides a receipt, and such notices shall be made to
the parties at the addresses listed below.
14. CO-SIGNER: (check the appropriate box)
- NO COSIGNER This Note shall not have a Co-Signer.
- CO-SIGNER This Note shall have a Co-Signer known as ___________________
[Name of Co-Signer] hereinafter known as the "Co-Signer", and agrees to the liabilities
and obligations on behalf of the Borrower under the terms of this Note. If the Borrower
does not make payment, the Co-Signer shall be personally responsible and is
guaranteeing the payment of the principal, late fees, and all accrued interest under the
terms of this Note.
15. EXECUTION: The Borrower executes this Note as a principal and not as a surety. If
there is a Co-Signer, the Borrower and Co-Signer shall be jointly and severally liable
under this Note.
16. GOVERNING LAW: This note shall be governed under the laws in the State of
____________.
17. SIGNATURE AREA
Lender’s Signature ______________________ Date ___________________
Print Name ___________________
Borrower’s Signature ______________________ Date ___________________
Print Name ___________________
Co-Signer Signature ______________________ Date ___________________
Print Name ___________________
Witness Signature ______________________ Date ___________________
Print Name ___________________
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