Promissory Note

# PROMISSORY NOTE

**Date:** {{note_date}}
**Principal Amount:** {{principal_amount}}

FOR VALUE RECEIVED, the undersigned ("Maker"):

{{maker_name}}
{{maker_address}}

promises to pay to the order of ("Payee"):

{{payee_name}}
{{payee_address}}

the principal sum of **{{principal_amount}}** ({{principal_amount_words}} dollars), together with interest, according to the terms below.

## 1. INTEREST

**Interest Rate:** {{interest_rate}}% per annum

Interest shall be calculated on the outstanding principal balance using {{interest_calculation}} method.

## 2. PAYMENT TERMS

{{payment_type}}

{{payment_details}}

**Maturity Date:** {{maturity_date}}

All payments shall be made to:
{{payment_address}}

## 3. APPLICATION OF PAYMENTS

Payments shall be applied first to accrued interest, then to principal.

## 4. PREPAYMENT

{{prepayment_terms}}

## 5. LATE PAYMENT

If any payment is more than {{grace_period}} days late:
- Late fee: {{late_fee}}
- Default interest rate: {{default_interest_rate}}%

## 6. DEFAULT

The entire unpaid balance becomes immediately due and payable upon:
- Failure to make any payment when due
- Breach of any term of this Note
- Bankruptcy or insolvency of the Maker
{{additional_default_events}}

## 7. SECURITY

{{security_terms}}

## 8. WAIVERS

The Maker waives:
- Presentment for payment
- Notice of dishonor
- Protest
- All defenses based on suretyship or impairment of collateral

## 9. COLLECTION COSTS

If this Note is placed for collection, the Maker agrees to pay all reasonable costs of collection, including attorney fees.

## 10. GOVERNING LAW

This Note shall be governed by the laws of {{governing_state}}.

## 11. JOINT AND SEVERAL LIABILITY

If more than one person signs as Maker, all shall be jointly and severally liable.

## 12. SUCCESSORS

This Note shall be binding upon the Maker's heirs, successors, and assigns.

---

**MAKER**

Signature: {{maker_signature}}
Name: {{maker_name}}
Date: {{maker_sign_date}}

---

**CO-MAKER (if applicable)**

Signature: {{comaker_signature}}
Name: {{comaker_name}}
Date: {{comaker_sign_date}}