Date: [DATE]
1. Borrower:
Name: [Borrower's Full Name]
Address: [Borrower's Address]
2. Lender:
Name: [Lender's Full Name]
Address: [Lender's Address]
3. Principal Amount:
The Borrower promises to pay the Lender the principal amount of [PRINCIPAL AMOUNT] (the "Principal").
4. Interest:
The Principal shall accrue interest at a fixed annual rate of [INTEREST RATE]%. Interest shall begin accruing on the date of this Note and shall be due and payable with the Principal upon maturity of this Note.
5. Maturity Date:
The maturity date of this Note shall be [MATURITY DATE]. On the maturity date, the Borrower shall pay to the Lender the entire outstanding principal amount, together with any accrued and unpaid interest.
6. Default and Acceleration:
If the Borrower fails to make any payment when due, the entire remaining principal amount and accrued interest shall immediately become due and payable at the Lender's option.
7. Security:
[OPTIONAL: Specify any collateral or security provided for the repayment of this Note.]
8. Governing Law:
This Note shall be governed by and construed in accordance with the laws of the state of [STATE].
9. Notices:
Any notices or communications required under this Note shall be sent in writing to the parties at their respective addresses set forth above.
IN WITNESS WHEREOF, the parties have executed this Promissory Note as of the date first written above.
Borrower's Signature: ____________________________________________
Borrower's Printed Name: ____________________________________________
Lender's Signature: _____________________________________________
Lender's Printed Name: _____________________________________________