Borrower:[Borrower.FirstName][Borrower.LastName] of [Borrower.StreetAddress], [Borrower.City], [Borrower.State][Borrower.PostalCode]
Lender:[Lender.FirstName][Lender.LastName] of [Lender.StreetAddress], [Lender.City], [Lender.State][Lender.PostalCode]
Principal amount: $(insert dollar amount of loan)
This promissory note is a binding legal document by and between Borrower and Lender. By signing the final page of this promissory note, both parties agree to uphold, enforce, and abide by the terms of this document in its entirety.
The Lender agrees to loan the balance indicated above to Borrower. Borrower agrees to repay this amount, plus interest in the amount of (insert interest rate)% per month from the date stated above.
The Borrower agrees to secure the loan against their assets, including (insert assets being secured against i.e. house, car, etc.) and hereinafter known as the “Security”.
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.
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. The Lender shall have the option to accept the Security as full payment for the Borrowed Money without further liabilities or obligations.