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Promissory Note: Borrower: Lender

Lin Chaoming borrowed $50,000 CAD from Yi Zhang on August 13, 2020. The promissory note states that the principal must be repaid in full by September 15, 2020 without interest. If Lin Chaoming defaults, they will be liable for legal costs and interest of 5% per year on the outstanding amount. The note is governed by the laws of Ontario and binds all successors and assigns of Lin Chaoming and Yi Zhang.

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Amis Steiger
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364 views1 page

Promissory Note: Borrower: Lender

Lin Chaoming borrowed $50,000 CAD from Yi Zhang on August 13, 2020. The promissory note states that the principal must be repaid in full by September 15, 2020 without interest. If Lin Chaoming defaults, they will be liable for legal costs and interest of 5% per year on the outstanding amount. The note is governed by the laws of Ontario and binds all successors and assigns of Lin Chaoming and Yi Zhang.

Uploaded by

Amis Steiger
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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PROMISSORY NOTE

(this “Note”)

Borrower: LIN CHAOMING of Mississauga, ON (the “Borrower”)


Lender: YI ZHANG of 5547 Whistler Crescent, Mississauga, ON L4Z3R5 (the “Lendor”)

Principal Amount: $50,000.00 CAD

1. FOR VALUE RECEIVED, The Borrower promises to pay to the Lender at such address as may be provided in writing to
the Borrower, the principal sum of $50,000.00 CAD, without interest payable on the unpaid principal, beginning on August
13, 2020.
2. This Note will be repaid in full on September 15th, 2020.
3. The Borrower shall be liable for all costs, expenses and expenditures incurred including, without limitation, the complete
legal costs of the Lender incurred by enforcing this Note as a result of any default by the Borrower and such costs will be
added to the principal then outstanding and shall be due and payable by the Borrower to the Lender immediately upon
demand of the Lender. In case of the Borrower’s default and the acceleration of the amount due by the Lender all amounts
outstanding under this Note will bear interest at the rate of 5.00 percent per annum from the date of demand until paid.
4. If any term, covenant, condition or provision of this Note is held by a court of competent jurisdiction to be invalid, void or
unenforceable, it is the parties’ intent that such provision be reduced in scope by the court only to the extent deemed
necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Note
will in no way be affected, impaired or invalidated as a result.
5. This Note will be construed in accordance with and governed by the laws of the Province of Ontario.
6. This Note will enure to the benefit of and be binding upon the respective heirs, executors, administrators, successors and
assigns of the Borrower and the Lender. The Borrower waives presentment of payment, notice of non-payment, protest and
notice of protest.

IN WITNESS WHEREOF the parties have duly affixed their signatures under seal

SIGNED, SEALED, AND DELIVERED


this 13th day of August, 2020 in front of the person below who is over
18 years of age and not involved with the contents of this document or
related to any of the parties in this document.

(signature of witness) LIN CHAOMING

WITNESS DETAILS:
Name:
Adress:

SIGNED, SEALED, AND DELIVERED


this 13th day of August, 2020 in front of the person below who is over
18 years of age and not involved with the contents of this document or
related to any of the parties in this document.

(signature of the witness) YI ZHANG

WITNESS DETAILS:
Name:
Address:

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