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This is an agreement between a lender and a borrower, whereby the borrower promises to pay the lender a predetermined sum of money at some point in the future. The agreement sets forth the interest rate that is added to any unpaid balance. Under this particular promissory note, the borrower provides additional security for the repayment of the loan by providing the lender with a security interest in certain assets. This document should be used by individuals or entities that want to enter into a loan agreement using certain assets as security for the repayment of a loan.
This is an agreement between a lender and a borrower, whereby the borrower promises to pay the lender a predetermined sum of money at some point in the future. The agreement sets forth the interest rate that is added to any unpaid balance. Under this particular promissory note, the borrower provides additional security for the repayment of the loan by providing the lender with a security interest in certain assets. This document should be used by individuals or entities that want to enter into a loan agreement using certain assets as security for the repayment of a loan. PROMISSORY NOTE – GENERAL – SECURED AMOUNT: $_______________ DATE: ___ INTEREST RATE: ________ DUE: On Demand FOR VALUE RECEIVED, the undersigned ______________ (the “Debtor”), hereby promises to pay to the order of _____________________ (the “Lender”) at _____________________________ [address] the principal sum ________________ ($___________) Dollars, payable on demand, with interest thereon at the rate of __________ percent (_____ %) per annum. THIS PROMISSORY NOTE is secured by an additional agreement executed by the parties hereto on _______________ whereby the undersigned has pledged its/his/her interests in certain assets and undertaken certain additional obligations, as more fully set forth therein. NO COURSE OF DEALING between the undersigned and the Lender or any delay on the part of the Lender in exercising any rights hereunder shall operate as a waiver of any rights of the Lender. All of the covenants, stipulations, promises and agreements contained in this Promissory Note made by or on behalf of the undersigned shall bind his heirs, executors, administrators successors and assigns, whether so expressed or not. THE UNDERSIGNED MAY, at any time, without notice, bonus or penalty, prepay or cause to be prepaid the whole or any part of the principal amount remaining unpaid hereunder. THIS PROMISSORY NOTE shall be governed by the laws of the State of ________________, which laws shall be applicable to the interpretation, construction and enforcement hereof. IN THE EVENT OF any default in the payment of interest or any other amounts secured by this Promissory Note, or upon the bankruptcy or insolvency of the undersigned, or upon the filing of a petition in bankruptcy against the undersigned or upon the making of a proposal in bankruptcy by the undersigned, the whole of the amount (or any part thereof) secured by this Promissory Note remaining unpaid shall, at the option of the Lender, immediately become due and payable and all the powers in and by the Promissory Note or by law conferred in case of default shall become exercisable. THE UNDERSIGNED may, at any time, without notice, bonus or penalty, prepay or cause to be prepaid the whole or any part of the principal amount remaining unpaid hereunder. __ Debtor Lender © Copyright 2013 Docstoc Inc. 2 INFORMATION AND FORMS ARE PROVIDED "AS IS" WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL DOCSTOC, INC., OR ITS AGENTS, OFFICERS, ATTORNEYS, ETC., BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE THE MATERIALS, EVEN IF DOCSTOC HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. They are for guidance and should be modified by you or your attorney to meet your specific needs and the laws of your state or jurisdiction. Use at your own risk. 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