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Promissory Note template

We’ve prepared a bundle of letter templates to be used in general business situation. Feel free to use them with our compliments. However we ask that you do not reproduce these templates on any medium for public display or re-sale.

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Promissory Note
(Installment Note Short Form)

FOR VALUE RECEIVED, the undersigned jointly and
severally promise to pay to the order of ,
the sum of
($___.00 together with interest thereon at the
rate of %(_)per annum on any unpaid balance.

Said sum, inclusive of interest, shall be paid in
(monthly/weekly) installments of $___ each, with a
first payment due,(date) 20 , and a like
amount on the same day of each (month/week) thereafter until
the full amount of this note and accrued interest shall be
fully paid.

All payments shall be first applied to accrued
interest the balance to principal. The undersigned reserves
the right to prepay this note in whole or in part without
penalty.

This note shall be fully payable upon demand of any
holder in the event the undersigned shall default in making
any payments due under this note within days of its
due date.

In the event of any default, the undersigned agree to
pay all reasonable solicitor fees and costs of collection to
the extent permitted by law. This note shall take effect as
a sealed instrument and be enforced in accordance with the
laws of the payee’s state.

Dated: ____________________.

 

___________________________
Undersigned

© R. P. Emery & Associates – www.rpemery.com

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