Demand Promissory Note
Full Names ________________________________
Address___________________________________
Full Names ________________________________
Address___________________________________
(Hereinafter referred to as the Borrower/s)
Full Names ________________________________
Address___________________________________
(Hereinafter referred to as the Lender)
For value received, the
Borrower hereby unconditionally promises to pay to the order of Lender the sum
of ______________________ ($________) together with interest accrued at the
rate of __________percent (______%) per year on any
unpaid balance.
Payable on Demand
The entire outstanding amount shall become immediately payable upon demand by
the Lender or holder of this Note, but demand shall not be made before the
_______day of _____________________20____.
Place of Payment
Payment shall be made at the above stated address of the Lender or at such
place as may be designated from time to time in writing by the Lender or holder
of this Note. For ease of payment the Borrower may exercise the option to
effect payment by direct deposit or electronic transfer of funds into the
account of Lender as specified in writing.
Prepayment
The Borrower may prepay this Note in full or in part at any time without
premium or penalty. All prepayments shall first be applied to accrued interest
and thereafter to the principal loan amount.
Default
Should the Borrower not make full payment within _________days of demand, this
Note may be turned over for collection and the Borrower agrees to pay all
reasonable legal fees and collection charges to the extent permissible by law,
in addition to other amounts due.
Transfer
The Lender may transfer this Note to another holder without notice to the
Borrower and the Borrower agrees to remain bound to any subsequent holder of
this Note under the terms of this Note.
Replacement of Note
The Borrower agrees to execute a new Note with the same terms and conditions
and remaining value in the event that this Note is lost, stolen or mutilated.
The Lender shall release the Borrower of all obligations under the lost, stolen
or mutilated Note in lieu of a replacement new Note.
Joint and Several
Liability
All Borrowers or Co-signors identified in this Note shall be equally liable for
the repayment of the debt described in this Note.
Borrower's Waiver
The Borrower waives presentment for payment, notice of non-payment, off-set,
protest and notice of protest and agrees to remain fully bound until this Note
is paid in full.
Lender's Indulgence
No relaxation, indulgence, waiver, release or concession of any terms of this
Note by the Lender on one occasion shall be binding unless in writing and if
granted shall not be applicable to any other or future occasion.
Binding Effect
The terms of this Note shall be binding upon the Borrower's successors and
shall accrue to the benefit and be enforceable by the Lender and his/her
successors, legal representatives and assigns.
Jurisdiction
This Note shall be construed, interpreted and governed in accordance with the
laws of the State of _______________ and should any provision of this Note be
judged by an appropriate court of law as invalid, it shall not affect any of
the remaining provisions whatsoever.
General
Where appropriate words signifying one gender shall include the others and
words signifying the singular shall include the plural and vice versa.
Paragraph headings are
for convenience of reference only and are not intended to have any effect in
the interpretation or determining of rights or obligations under this Note.
Signed
at ______________________ on this ________day of
________________________20____.
(1) Borrowers Name
_____________________________
(1) Borrower's Signature
________________________________
(2) Borrowers Name
_____________________________
(2) Borrower's Signature
________________________________
Signed in the presence
of:
(1) Witness Name
_____________________________
(1) Witness Signature
__________________________________
(2) Witness Name
_____________________________
(2) Witness Signature
__________________________________
