"Unsecured Promissory Note Template"

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Unsecured Promissory Note
This Unsecured Promissory Note (hereinafter referred to as the “Note”) is signed by and
between __________________, with a mailing address of ________________________
________________________________ (hereinafter referred to as the “Borrower”) who
promises to pay to ___________________, with a mailing address of ________________
___________________________________ (hereinafter known as the “Lender”) the
principal sum of $___________________, with interest accruing on the unpaid balance at
a rate of _______% per annum beginning as of the date above in the manner that follows:
1. Payments.​ The Borrower shall pay (check one):
☐ No installments. Payment in full of principal and interest accrued shall be
payable on the due date.
☐ Installments of principal and interest in the amount of $__________________.
☐ Interest-only payments on the outstanding principal balance.
If installments or interest-only payments are checked above, such installment payment
shall be due and payable on the (check one):
☐ _______ day of every month beginning on ___________________.
☐ Every week beginning on ___________________.
2. Due Date. ​ T he full balance on this Note, including any accrued interest and late fees,
is due and payable on ___________________.
3. Interest Due in the Event of Default. ​ I n the event that the Borrower fails to pay the
note, in full, on the due date or has failed to make an installment payment due within
_______ days of the due date, the unpaid principal shall accrue interest at the rate of
_______% per annum or the maximum rate allowed by law, whichever is less, until the
Borrower is no longer in default.
4. Allocation of Payments. ​ P ayments shall be first credited any late fees due, then to
interest due and any remainder will be credited to principal.
5. Prepayment.​ The Borrower may prepay this Note without penalty.
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Unsecured Promissory Note
This Unsecured Promissory Note (hereinafter referred to as the “Note”) is signed by and
between __________________, with a mailing address of ________________________
________________________________ (hereinafter referred to as the “Borrower”) who
promises to pay to ___________________, with a mailing address of ________________
___________________________________ (hereinafter known as the “Lender”) the
principal sum of $___________________, with interest accruing on the unpaid balance at
a rate of _______% per annum beginning as of the date above in the manner that follows:
1. Payments.​ The Borrower shall pay (check one):
☐ No installments. Payment in full of principal and interest accrued shall be
payable on the due date.
☐ Installments of principal and interest in the amount of $__________________.
☐ Interest-only payments on the outstanding principal balance.
If installments or interest-only payments are checked above, such installment payment
shall be due and payable on the (check one):
☐ _______ day of every month beginning on ___________________.
☐ Every week beginning on ___________________.
2. Due Date. ​ T he full balance on this Note, including any accrued interest and late fees,
is due and payable on ___________________.
3. Interest Due in the Event of Default. ​ I n the event that the Borrower fails to pay the
note, in full, on the due date or has failed to make an installment payment due within
_______ days of the due date, the unpaid principal shall accrue interest at the rate of
_______% per annum or the maximum rate allowed by law, whichever is less, until the
Borrower is no longer in default.
4. Allocation of Payments. ​ P ayments shall be first credited any late fees due, then to
interest due and any remainder will be credited to principal.
5. Prepayment.​ The Borrower may prepay this Note without penalty.
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6. Late Fees. ​ I f the Lender receives any installment payment more than _______ days
after the date that it is due, then a late payment fee of $___________________ shall be
payable with the scheduled installment payment along with any default interest due.
7. Acceleration. ​ I f the Borrower is in default under this Note and fails to make any
payment owed and such default is not cured within _______ days after written notice of
such default, then the Lender may, at its option, shall declare all outstanding sums owed
on this Note to be immediately due and payable, in addition to any other rights or
remedies that the Lender may have under state and federal law.
8. Attorney’s Fees and Costs. ​ T he Borrower shall pay all costs incurred by Lender in
collecting sums due under this Note after a default, including reasonable attorneys’ fees.
If the Lender or the 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.
9. Waiver of Presentments. ​ T he Borrower waives presentment for payment, notice of
dishonor, protest, and notice of protest.
10. Non-Waiver. No failure or delay by the Lender in exercising the Lender’s rights
under this Note shall be considered a waiver of such rights.
11. Severability. ​ I n 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.
12. Integration. ​ T here are no verbal or other agreements that modify or affect the terms
of this Note. This Note may not be modified or amended except by a written agreement
signed by the Borrower and the Lender.
13. Notice. ​ A ny 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. Execution. ​ T he Borrower executes this Note as a principal and not as a surety. If
there is more than one Borrower, each Borrower shall be jointly and severally liable
under this Note.
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The Borrower and the Lender agree to the terms and conditions set forth above as
demonstrated by their signatures as follows:
_________________________________
_________________________________
Borrower’s Printed Name
Lender’s Printed Name
_________________________________
_________________________________
Borrower’s Signature
Lender’s Signature
_________________________________
_________________________________
Date
Date
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