PROMISSORY NOTE, PAYABLE ON DEMAND, VARIABLE INTEREST, PRINCIPAL PAYABLE ON MATURITY
FOR VALUE RECEIVED, the undersigned, [BORROWER NAME] (the “Borrower”), hereby acknowledges itself indebted to [LENDER NAME] (the “Lender”) and promises to pay ON DEMAND to or to the order of the Lender at [Address of Lender or as otherwise directed in writing by the Lender, the principal sum of [AMOUNT OF LOAN, ex. $20,000.00] in lawful money of [CURRENCY, ex. Canada or United States of America] with interest thereon at a variable rate per annum equal to the rate of interest commonly known as the prime rate of interest announced from time to time by [NAME OF LENDER’S BANK] as a reference rate then in effect for determining interest rates plus [AMOUNT OVER PRIME RATE (ie. 2.0%), calculated and payable monthly, not in advance, on the 1st day of each and every month, commencing [DATE OF FIRST LOAN PAYMENT, EX.. JULY 1, 1998], and both before and after demand, maturity, default and judgment until paid.
The Lender may assign all of its right, title and interest in, to and under this promissory note. All payments required to be made hereunder shall be made by the Borrower without any right of set-off or counterclaim.