_____________________________________________________________________
PROMISSORY NOTE
by Documatica Legal Forms Inc.
_____________________________________________________________________
THIS PROMISSORY NOTE dated this _____ day of ____________, _____.
T
EN
Steve Kooner
M
of
U
726 Fir St.
C
Ohio
O (the 'Borrower')
D
E
hereby acknowledges the receipt of $7500.00
PL
M
- from -
SA
Paul Smith
of
3827 Oakridge Cres
California
(the 'Lender')
1. PROMISE OF PAYMENT
FOR VALUE RECEIVED, The Borrower hereby promises to pay to the Lender at 3827
Oakridge Cres or at such other place, or to such other party, as the Lender may from
time to time designate in writing, the principal sum of $7500.00.
2. INTEREST RATE
The annual interest rate on the matured, unpaid portion of the principal sum will be the
lesser of:
i.) 10.0%; and
Copyright (c) 2006 Page 1
Used under licence by Documatica Legal Forms Inc.
ii.) the maximum rate permissible by the law
calculated monthly not in advance.
3. SCHEDULE OF PAYMENTS
T
This Note is due and payable as follows, to-wit: consecutive installments of $750.00
EN
each shall be paid on a weekly basis.
M
Payments will commence the week following execution of this Note and continue
U
thereafter on the Monday of each week until the Lender has provided written notice of
C
demand to the Borrower. Following delivery of written notice, the balance owing under
this Note shall be paid within 31 days. O
D
E
Upon payment in full of the balance owing on this Note, this Note shall be surrendered
PL
to the Borrower for cancellation.
M
SA
4. DEFAULT AND ACCELERATION
Notwithstanding any contrary statements contained in this Note, if the Borrower
defaults on payment of this Note or any other obligation set forth herein, and the
default continues after the Lender notifies the Borrower of the default and the period
within which it must be corrected, as may be required by law, then the Lender may
declare the unpaid principal balance, and any accrued interest, immediately due and
payable.
5. PRE-PAYMENT
Notwithstanding situations in which the Borrower has defaulted on payment of this
Note, the Borrower reserves the right to prepay this Note, in whole or in part, without
further bonus or penalty.
6. SECURITY
Copyright (c) 2006 Page 2
Used under licence by Documatica Legal Forms Inc.
This Note shall not be secured by any form of security.
This sample represents only part of a completed document.
The remainder of the document has been intentionally omitted.
T
EN
M
U
C
O
D
E
PL
M
SA
Copyright (c) 2006 Page 3
Used under licence by Documatica Legal Forms Inc.
