The maximum late fee that can be charged in New Jersey is 5%. You can only charge late fees for payments later than 15 days, which can only be charged once per each late payment.
This note will be repaid in full, including any interest and late fees, no later than (MM/DD/YYYY).
The Borrower has the right to prepay all or any part of the principal amount of this Note, together with accrued and unpaid interest thereon, at any time without penalty or premium of any kind.
Holder reserves the right to enforce this promissory note as payable in full in each of the following conditions:
Failure to make payment by any of the dates in the table above
Borrower’s breach of any other aspect of this promissory note
Death, incapacitation, or bankruptcy of Borrower
If the Borrower fails to pay the note in full on the due date or has failed to make an installment payment due within 15 days of the due date, the unpaid principal shall accrue interest at the rate of (insert number) percent per year OR the maximum rate allowed by law, whichever is less, until the Borrower is no longer in default.
Borrower agrees to be solely responsible for all costs, expenses, and expenditures incurred by Lender in enforcing the terms of this promissory note, including, without limitation, fees from attorneys and collection agencies.
Any legal costs the Lender incurred by enforcing this note as a result of any default by the Borrower will be added to the principal then outstanding and shall be due and payable to the Lender immediately upon demand of the Lender.
This note is legally binding and non-transferable by either party without prior written consent by both parties.
This promissory note and the interpretation of its terms shall be governed by and construed per the laws of the State of New Jersey and subject to the exclusive jurisdiction of the federal and state courts located in (insert county), New Jersey.