Standard Promissory Note Template

STANDARD PROMISSORY NOTE
This Promissory Note (“Note”) is made as of this [ MM/DD/YYYY ] hereinafter known as the
"Start Date", by and between:
[ BORROWER NAME ] of [ BORROWER ADDRESS ], (“Borrower”),

has received and promises to payback
[ LENDER NAME ] (Lender Name) of [ LENDER ADDRESS ] (“Lender”)

the principal sum of [ LOAN (EX: FIVE-HUNDRED) ] US Dollars ($[ LOAN (EX: $500.00) ])
with interest accruing on the unpaid balance at a rate of [ RATE (EX: 3%) ] percent per
annum, hereinafter known as the "Borrowed Money", beginning as of the Start Date in the
manner as follows:
1. PAYMENTS. The full balance of this Note, including all accrued interest and late fees, is due
and payable on [ MM/DD/YYYY ], hereinafter known as the "Due Date". The Loan shall be
due and payable in one (1) of the following ways (check one):
☐ - LUMP SUM. Borrower shall pay a lump sum to be made in-full, principal and interest
included, of [ PAYMENT (EX: FIVE-HUNDRED ] Dollars ($[ PAYMENT (EX: $500.00) ])
by the Due Date.
☐ - INSTALLMENTS. Borrower shall pay principal and interest in the amount of

[ AMOUNT (EX: TWENTY DOLLARS) ] Dollars ($[ AMOUNT (EX: $20.00) ]) on: (check
one)
☐ - A weekly basis with any remaining balance payable on the Due Date.
☐ - A monthly basis with any remaining balance payable on the Due Date.
☐ - A quarterly basis with any remaining balance payable on the Due Date.
2. LATE FEE. There shall be a late payment fee of $[ FEE (EX: $15.00) ] if an installment is
not paid on-time (by the due date) along with the default interest due, as described in
Section 5.
3. SECURITY. (check one)
☐ - SECURE. There shall be Property described as [ DESCRIBE SECURITY HERE ],

hereinafter known as the “Security”, which shall transfer to the possession and
ownership of the Lender IMMEDIATELY pursuant to Section 8 of this Note. The Security
may not be sold or transferred without the Lender’s consent until the Due Date. If
Borrower breaches this provision, Lender may declare all sums due under this Note
immediately due and payable, unless prohibited by applicable law. The Lender shall
have the sole-option to accept the Security as full-payment for the Borrowed Money
without further liabilities or obligations. If the market value of the Security does not
exceed the Borrowed Money, the Borrower shall remain liable for the balance due while
accruing interest at the maximum rate allowed by law.
☐ - UNSECURE. There shall be NO SECURITY provided in this Note.
4. CO-SIGNER. (check one)
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☐ - CO-SIGNER. This Note shall have a Co-Signer, known as
[ CO-SIGNER NAME ] (Co-Signer Name) hereinafter known as the "Co-Signer”
and agrees to the liabilities and obligations on behalf of the Borrower under the terms of
this Note. If the Borrower does not make payment, the Co-Signer shall be personally
responsible and is guaranteeing the payment of the principal, late fees, and all accrued
interest under the terms of this Note.
☐ - NO CO-SIGNER. This Note shall not have a Co-Signer.
5. INTEREST DUE IN THE EVENT OF DEFAULT. In the event the Borrower fails to pay the
note in-full on the Due Date, unpaid principal shall accrue interest at the maximum rate
allowed by law, until the Borrower is no longer in default.
6. ALLOCATION OF PAYMENTS. Payments shall be first credited any late fees due, then to
interest due and any remainder will be credited to principal.
7. PREPAYMENT. Borrower may pre-pay this Note without penalty.
8. ACCELERATION. If the Borrower is in default under this Note or is in default under another
provision of this Note, and such default is not cured within the minimum allotted time by
law after written notice of such default, then Lender may, at its option, declare all
outstanding sums owed on this Note to be immediately due and payable. This includes any
rights of possession in relation to the Security described in Section 3.
9. ATTORNEYS’ FEES AND COSTS. Borrower shall pay all costs incurred by Lender in
collecting sums due under this Note after a default, including reasonable attorneys’ fees. If
Lender or Borrower sues to enforce this Note or obtain a declaration of its rights hereunder,
the prevailing party in any such proceeding shall be entitled to recover its reasonable
attorneys’ fees and costs incurred in the proceeding (including those incurred in any
bankruptcy proceeding or appeal) from the non-prevailing party.
10. WAIVER OF PRESENTMENTS. Borrower waives presentment for payment, notice of

dishonor, protest and notice of protest.
11. NON-WAIVER. No failure or delay by Lender in exercising Lender’s rights under this Note
shall be considered a waiver of such rights.
12. SEVERABILITY. In the event that any provision herein is determined to be void or
unenforceable for any reason, such determination shall not affect the validity or
enforceability of any other provision, all of which shall remain in full force and effect.
13. INTEGRATION. There are no verbal or other agreements which modify or affect the terms
of this Note. This Note may not be modified or amended except by written agreement signed
by Borrower and Lender.
14. CONFLICTING TERMS. The terms of this Note shall control over any conflicting terms in
any referenced agreement or document.
15. NOTICE. Any notices required or permitted to be given hereunder shall be given in writing
and shall be delivered (a) in person, (b) by certified mail, postage prepaid, return receipt
requested, (c) by facsimile, or (d) by a commercial overnight courier that guarantees next
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day delivery and provides a receipt, and such notices shall be made to the parties at the
addresses listed below.
16. EXECUTION. The Borrower executes this Note as a principal and not as a surety. If there is
a Co-Signer, the Borrower and Co-Signer shall be jointly and severally liable under this
Note.
17. GOVERNING LAW. This note shall be governed under the laws in the State of
[ STATE NAME ].
18. ADDITIONAL TERMS & CONDITIONS.
[ ADD ANY ADDITIONAL TERMS AND CONDITIONS HERE ].
19. SIGNATURE AREA
Lender Signature: Date: [MM/DD/YYYY]
Printed Name: [ LENDER NAME ]
Borrower Signature: Date: [MM/DD/YYYY]
Printed Name: [ BORROWER NAME ]
Co-Signer Signature: Date: [MM/DD/YYYY]
Printed Name: [ CO-SIGNER NAME ]
-------------------------------------------------------------------
Witness Signature: Date: [MM/DD/YYYY]
Printed Name: [ WITNESS NAME ]
Witness Signature: Date: [MM/DD/YYYY]
Printed Name: [ WITNESS NAME ]
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Standard Promissory Note Template

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STANDARD PROMISSORY NOTE

[ BORROWER NAME ] of [ BORROWER ADDRESS ], (“Borrower”),

[ LENDER NAME ] (Lender Name) of [ LENDER ADDRESS ] (“Lender”)

☐ - INSTALLMENTS. Borrower shall pay principal and interest in the amount of

3. SECURITY. (check one)

☐ - SECURE. There shall be Property described as [ DESCRIBE SECURITY HERE ],

☐ - UNSECURE. There shall be NO SECURITY provided in this Note.

4. CO-SIGNER. (check one)

☐ - NO CO-SIGNER. This Note shall not have a Co-Signer.

7. PREPAYMENT. Borrower may pre-pay this Note without penalty.

10. WAIVER OF PRESENTMENTS. Borrower waives presentment for payment, notice of

18. ADDITIONAL TERMS & CONDITIONS.

[ ADD ANY ADDITIONAL TERMS AND CONDITIONS HERE ].

19. SIGNATURE AREA

Lender Signature: Date: [MM/DD/YYYY]

Printed Name: [ LENDER NAME ]

Borrower Signature: Date: [MM/DD/YYYY]

Printed Name: [ BORROWER NAME ]

Co-Signer Signature: Date: [MM/DD/YYYY]

Printed Name: [ CO-SIGNER NAME ]

Witness Signature: Date: [MM/DD/YYYY]

Printed Name: [ WITNESS NAME ]

Witness Signature: Date: [MM/DD/YYYY]

Printed Name: [ WITNESS NAME ]

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