Sample Promissory Note

PROMISSORY NOTE

Principal amount:  $ _________                                                     Date: __________, 20__

FOR VALUE RECEIVED, I,                                       (Borrower) promise to repay                       (Lenders) the sum of             thousand dollars ($                      ), plus interest at the yearly rate of         %.

Repayment shall be made in monthly payments over a month period, consisting of $                      per installment on the 1st day of the month, commencing on                   , 20___,   with the final payment due on         __           , 20___, or until the principal is paid in full.

If the Borrower fails to make an installment payment when due or fails to comply with any other term of this promissory note, the loan will be considered in default and the Borrower will contact the Lender promptly to make arrangements to bring the loan back into compliance with the terms above.  Every effort will be made by the Borrower to make payments on time, and comply with the terms of this note.

(Include if there is collateral)  A                                           to be owned by                                   , is hereby pledged as security for the note payable, and title to it will transfer to the Lenders in the event of default of payment of the loan.  Any proceeds from the sale of the Collateral shall accrue to the Lenders until the note is paid off in full.

This note may be repaid by the Borrower at any time in whole or in part without premium or penalty. If prepayments are high enough, the loan may be re-amortized. The Borrower must promptly inform the Lender of any change in name or address.

Should the contact information change for either the Lender or Borrower they will notify the other promptly, as well as informing Slow Money NC by email at info@slowmoneync.org.

Borrower’s Signature: ___________________________

Borrower’s Printed Name: __________________________

Borrower’s Address:  _______________________________________________

Phone(s):   _______________________               Email:_____________________
Lender’s Signature:  __________________________________

Lender’s Printed Name: _______________________________

Permanent Address: _______________________________________________

Phone(s):                                                                              Email:_____________________

 

Witness Signature:  ________________________________________________

Witness Printed Name: _____________________________________________