PROMISSORY NOTE, FIXED TERM, NO INTEREST, PRINCIPAL PAYABLE IN EQUAL PAYMENTS UNTIL MATURITY, ACCELERATION OF PAYMENT IN THE EVENT OF DEFAULT IN PAYMENT
FOR VALUE RECEIVED, the undersigned, [BORROWER NAME] (the “Borrower”), hereby acknowledges itself indebted to [LENDER NAME] (the “Lender”) and promises to pay 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] without interest. The entire principal sum shall be paid in [TOTAL NUMBER OF PAYMENTS, ex. 48] equal consecutive [PAYMENT PERIODS, ex. Monthly - but could be quarterly, yearly or weekly] payments of principal only in the amount of [AMOUNT OF PERIODIC PAYMENTS, ex. In this example, $20,000 divided by 48 payments equals $4,166.67 per month] commencing on [COMMENCEMENT DATE OF PAYMENTS, ex. August 31, 1998] to and including [MATURITY DATE OF LOAN, ex. July 31, 2002].
In the event of default in payment of any amount of principal or interest under this promissory note, the entire remaining principal sum and all interest accrued shall, at the option of the Lender, become immediately due and payable without notice or demand.
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.
DATED: [DATE OF DOCUMENT, ex. July 1, 1998]