promissory note (sample)
PROMISSORY NOTE (sample)
FOR VALUE RECEIVED, xxxx, (the “Borrower”), hereby promises to pay to or to the order of xxxx, (the “Lender”), at xxx, within five (5) years from the effective date of this promissory note the sum of xxxx ($xxxx) (“the Principal Amount”).
Interest shall be paid on the Principal Amount outstanding hereunder and on overdue interest at a rate equal to x.0% per annum, calculated monthly.
Payments shall be made monthly by the Borrower beginning xxxx until maturity.
This promissory note is non-negotiable and may not be assigned by Borrower without the consent in writing of Lender.
The undersigned waives presentment for payment, notice of non-payment, protest and notice of protest of this promissory note and diligence in collection or bringing suit.
This promissory note shall be governed by and construed in accordance with the laws of the State of California applicable therein.
Dated this ____ day of xxxx, xxxx.