even though this is an unsecured note, there still needs to be repercussions if the borrower misses a payment or fails to comply with the terms in any way. it’s important to be sure before signing an unsecured promissory note that the lender is willing to take the risk and that the borrower is capable of paying back the loan. the name and mailing address of the borrower must be submitted to the first section. the day when the lender is to deliver the loan amount to the borrower must be reported in statement (c). if “a lump sum” repayment of the loan will be required of the borrower, then indicate this by placing a mark in the first checkbox of section three.
the calendar date that marks when the last loan payment will be due must be produced in this statement if it has been selected. this will allow the borrower to make a payment within a reasonable amount of time of the due date while not being penalized for being unable to submit this payment exactly in time. if the lender will not require that a co-signer participate in the promise of repayment this note represents, then the “no co-signer” checkbox in section seven will need to be selected. if an early payment of the loan will be subject to penalty then the second checkbox found in section eight should be selected. the date when the lender signs this document is required in order to complete the signature acknowledgment of this document that he or she must provide. in addition to the signature that the borrower has produced, the date when this signature was provided must be dispensed.
on or before , for value received, the undersigned (the “borrower”) promises to pay to the order of (the “holder”), in the manner and at the place provided below, the principal sum of . all payments of principal and interest under this note will be made in lawful money of the united states, without offset, deduction, or counterclaim, by wire transfer of immediately available funds to an account designated by the holder in writing at least days after the effective date of this note or, if this designation is not made, by check mailed to the holder at , , , , or at such other place as the holder may designate in writing. acceptance by the holder of any payment differing from the designated installment payment listed above does not relieve the borrower of the obligation to honor the requirements of this note.
the borrower may prepay this note, in whole or in part, at any time before maturity without penalty or premium. if any event of default occurs, all principal and other amounts owed under this note will become immediately due without any action by the holder, the borrower, or any other person. acceptance by the holder or any other holder of this note of any payment differing from the designated payments listed does not relieve the undersigned of the obligation to honor the requirements of this note. no waiver of a breach, failure of any condition, or any right or remedy contained in or granted by the provisions of this note will be effective unless it is in writing and signed by the party waiving the breach, failure, right, or remedy.
promissory note templates (2) a promissory note is created when a borrower accepts money that is to be repaid to a lender with interest. a an unsecured promissory note is a document that details the borrowing of money from one borrower’s name; lender’s name; loan terms. a promissory note also known as a loan agreement is an agreement to pay back a loan. create and download your promissory note in minutes., free promissory note template – word, free printable promissory note pdf, free printable promissory note pdf, simple promissory note template, intra family loan promissory note template.
a promissory note documents the borrower’s legally binding promise to repay a loan under a promissory note is a legal document that sets out the details of a loan made between two people, a borrower, and a lender. the note clearly outlines the loan repayment terms. borrower will make payment(s) to lender in three (3) separate payments according to the following schedule: 1. $7,500.00 on or, promissory note template free, microsoft office promissory note template, simple promissory note no interest, unsecured promissory note template.
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