This Promissory Note (the "Note") entered as of [Document.CreatedDate], by and between
[Borrower.FirstName][Borrower.LastName] (the Borrower),
being able to send mail to [Borrower.StreetAddress][Borrower.State][Borrower.City][Borrower.PostalCode], and
[Lender.FirstName][Lender.LastName] (the Lender),
being able to send mail to [Lender.StreetAddress][Lender.State][Lender.City][Lender.PostalCode].
The laws of the State of California regulate this Note.
The Parties acknowledge receipt and sufficiency of the mutual covenants and agreements. They further assent to all other essential terms included in this agreement. Thus, both parties have reached a mutual agreement with the following terms:
Promise to Pay
The Borrower promises to pay to the order of the Lender the Principal sum of (Principal Amount) Dollars ($(Principal Amount)) (the "Principal"), together with Interest on the unpaid Principal balance at the rate of (Interest Rate)% per annum, calculated based on a 365-day year for the actual number of days elapsed (the "Interest").
The Borrower will make payments of the Principal and Interest in equal monthly installments of (Amount) United States Dollars ($(Amount)), starting on the (Date).
The Borrower will make regular payments on the same day of each following month. This will remain until the Borrower has repaid both the Principal and the Interest.
(a.) Apply all payments to accrued Interest and then to the principal balance.
(b.) Borrower may prepay all or any part of the Principal balance and accrued Interest without penalty.