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Promissory Note

Maurice Edward Thompson promises to pay Lenoir County Clerk of Court $2,000 with 10% yearly interest in 10 monthly installments of $200 each on the 7th day of each month through March 7, 2019. If a payment is late or other terms are not met, a $100 late fee per month will be charged. The loan is secured by an unspecified property. The borrower must notify the lender of any name or address changes. If a lawsuit results, the borrower will pay legal fees and collection costs deemed reasonable by the court.

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Maurice Kool Da Groove
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343 views2 pages

Promissory Note

Maurice Edward Thompson promises to pay Lenoir County Clerk of Court $2,000 with 10% yearly interest in 10 monthly installments of $200 each on the 7th day of each month through March 7, 2019. If a payment is late or other terms are not met, a $100 late fee per month will be charged. The loan is secured by an unspecified property. The borrower must notify the lender of any name or address changes. If a lawsuit results, the borrower will pay legal fees and collection costs deemed reasonable by the court.

Uploaded by

Maurice Kool Da Groove
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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PROMISSORY NOTE

Principal amount: $____2000________________ DATE


_________________

FOR VALUE RECEIVED, I, Maurice Edward Thompson (Borrower) promise to pay


Lenoir County Clerk of Court (Lender) the sum of two thousand Dollars ($2000),
and interest at the yearly rate of 10% on the unpaid balance as specified below.

Repayment shall be made in 10 monthly installments, consisting of $200per


installment on the 7th day of each month and continue through for 10 months, or
until the principal is paid in full. The Lender shall come to pick up payment at 761
Third St, Ayden, NC.

OR, Borrower will pay one lump payment in lawful money of the United States on:
03/07/2019.

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. A late penalty charge of hundred Dollars per (month) will be assessed
until the account is brought current inclusive of the late charges, interest and
applicable fees.

Borrower agrees that until the principal and interest owed under this promissory
note are paid in full, this note will be secured by the
_______________________________ (describe property, such as a car or a
house.)

Payments will be applied first to interest and then to principal.

This note may be prepaid by the Borrower at any time in whole or in part without
premium or penalty.

In the event of the Borrower's death, the unpaid indebtedness remaining on the
note shall be canceled.
The Borrower must promptly inform the Lender of any change in name or
address.

If the Lender prevails in a lawsuit to collect on this note, Borrower will pay
Lender's court costs, collection agency costs, and attorney's fees in an amount the
court finds to be reasonable.

IN WITNESS WHEREOF, I set my hand under seal this ____th day of


_______________, 20___ and I acknowledge receipt of a completed copy of this
instrument.

______________________________________
Borrower’s Signature

Permanent Address:
___________________________________________________________________

_______________________________________
Notary Public - SEAL
My Commission Expires ______/______/______

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