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    Sample-Open Ended Promissory Note

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    iGp2013
    This document is a sample open-ended promissory note. It outlines the terms of a loan between a borrower and lender, including the principal amount owed, interest rate, payment terms, events of default, collection costs, and signatures. Specifically: - The borrower promises to pay a principal amount plus interest to the lender by the payment terms outlined, either on demand or a repayment schedule. - This note governs any future extensions of credit from the lender to the borrower if referenced. - The note becomes immediately due and payable if the borrower defaults on payments, collateral terms, or experiences certain financial events like bankruptcy. - The borrower is responsible for

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    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd

    Sample-Open Ended Promissory Note

    Uploaded by

    iGp2013
    2K views2 pages
    This document is a sample open-ended promissory note. It outlines the terms of a loan between a borrower and lender, including the principal amount owed, interest rate, payment terms, events of default, collection costs, and signatures. Specifically: - The borrower promises to pay a principal amount plus interest to the lender by the payment terms outlined, either on demand or a repayment schedule. - This note governs any future extensions of credit from the lender to the borrower if referenced. - The note becomes immediately due and payable if the borrower defaults on payments, collateral terms, or experiences certain financial events like bankruptcy. - The borrower is responsible for

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    A sample of an open-ended promissory note.

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    This document is a sample open-ended promissory note. It outlines the terms of a loan between a borrower and lender, including the principal amount owed, interest rate, payment terms, events of default, collection costs, and signatures. Specifically: - The borrower promises to pay a principal amount plus interest to the lender by the payment terms outlined, either on demand or a repayment schedule. - This note governs any future extensions of credit from the lender to the borrower if referenced. - The note becomes immediately due and payable if the borrower defaults on payments, collateral terms, or experiences certain financial events like bankruptcy. - The borrower is responsible for

    Copyright:

    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd
    Download as rtf, pdf, or txt
    2K views2 pages

    Sample-Open Ended Promissory Note

    Uploaded by

    iGp2013
    This document is a sample open-ended promissory note. It outlines the terms of a loan between a borrower and lender, including the principal amount owed, interest rate, payment terms, events of default, collection costs, and signatures. Specifically: - The borrower promises to pay a principal amount plus interest to the lender by the payment terms outlined, either on demand or a repayment schedule. - This note governs any future extensions of credit from the lender to the borrower if referenced. - The note becomes immediately due and payable if the borrower defaults on payments, collateral terms, or experiences certain financial events like bankruptcy. - The borrower is responsible for

    Copyright:

    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd
    Download as rtf, pdf, or txt
    of 2

    Sample Open-Ended Promissory Note

    The undersigned (the Borrower) promises to pay to the order of


    ______________________________ (the Lender) the sum of _______ ($ ) Dollars,
    together with interest thereon at the rate of ____ % per annum on the unpaid
    alan!e"
    This #ote is e$e!uted in return for the following e$tension of !redit from the Lender
    to the Borrower%
    The Borrower and Lender agree that this #ote shall automati!ally go&ern any
    future e$tension of !redit, in any form, from the Lender to the Borrower, if su!h
    future e$tension of !redit e$pressly states that it is su'e!t to this #ote"
    The prin!ipal and interest shall e payale as follows (state whether payment is (n
    Demand, or state payment terms)%
    )ll payments shall e *rst applied to interest and late !harges, and the alan!e to
    prin!ipal" This note may e prepaid, at any time, in whole or in part, without
    penalty" This note shall e at the option of any holder thereof immediately due and
    payale upon the o!!urren!e of any of the following% +ailure to ma,e any payment
    due hereunder within on or efore its due date- rea!h of any !ondition of any
    se!urity interest, mortgage, loan agreement, pledge agreement or guarantee
    granted as !ollateral se!urity for this note- rea!h of any !ondition of any loan
    agreement, se!urity agreement or mortgage, if any, ha&ing a priority o&er any loan
    agreement, se!urity agreement or mortgage on !ollateral granted, in whole or in
    part, as !ollateral se!urity for this note- upon the death, in!apa!ity, dissolution or
    li.uidation of any of the undersigned, or any endorser, guarantor or surety hereto-
    upon the *ling y any of the undersigned of an assignment for the ene*t of
    !reditors, an,rupt!y or other form of insol&en!y, or y su/ering an in&oluntary
    petition in an,rupt!y or re!ei&ership not &a!ated within thirty (01) days"
    2n the e&ent this note shall not e in default and pla!ed for !olle!tion, then the
    undersigned agree to pay all reasonale attorney fees and !osts of !olle!tion"
    3ayments not made within *&e (4) days of the due date shall e su'e!t to a late
    !harge of _____% of said payment" )ll payments hereunder shall e made to su!h
    address as may from time to time e designated y any holder"
    The undersigned and all other parties to this note, whether as endorsers,
    guarantors or sureties, agree to remain fully ound until this note shall e fully
    paid and wai&e demand, presentment and protest and all noti!es hereto and
    further agree to remain ound notwithstanding any e$tension, modi*!ation,
    wai&er, or other indulgen!e or dis!harge or release of any oligor hereunder or
    e$!hange, sustitution, or release of any !ollateral granted as se!urity for this
    note" #o modi*!ation or indulgen!e y any holder hereof shall e inding unless in
    writing- and any indulgen!e on any one o!!asion shall not e an indulgen!e for any
    other or future o!!asion" )ny modi*!ation or !hange in terms, hereunder granted
    y any holder hereof, shall e &alid and inding upon ea!h of the undersigned,
    notwithstanding the a!,nowledgment of any of the undersigned, and ea!h of the
    undersigned does herey irre&o!aly grant to ea!h of the others a power of
    attorney to enter into any su!h modi*!ation on their ehalf" The rights of any
    holder hereof shall e !umulati&e and not ne!essarily su!!essi&e" This note shall
    ta,e e/e!t as a sealed instrument and shall e !onstrued, go&erned and enfor!ed
    in a!!ordan!e with the laws of the 5tate of _________________________"
    The Borrower may prepay this #ote in whole or in part without penalty" 2n the
    e&ent any payment due hereunder is not paid when due, the entire alan!e shall e
    immediately due and payale upon demand of the holder" 6pon default, the
    undersigned shall pay all reasonale attorney fees and !osts ne!essary for the
    !olle!tion of this #ote"
    5igned under seal this _____day of _________, 71__"
    ____________________________________________________________________________________
    By%_________________________________________________________________________________
    _
    #ame8Title

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