Promissory Note Template
LENGEA NEW YORK PROMISSORY NOTE TEMPLATE
FOR VALUE RECEIVED, __________ (“Borrower”) promises to pay to ________________(“Lender”)____________ ($________) in principal, plus interest at a rate of _______% annually on the unpaid balance as set forth herein.
1. PAYMENT TERMS (Choose one):
☐ – Borrower shall make _____ payments in the amount of ____________________________ Dollars ($______________) per (month/year) on _________________________, 20_____.
☐ – Borrower shall make _____ payments in the amount of ____________________________ Dollars ($______________) per (month/year) and a final payment in the amount of ____________________________ Dollars ($______________) on _________________________, 20_____.
☐ – Borrower shall pay a lump sum on _________________, 20_____.
2. TERM: The term of this loan is from _______________________ to ________________.
3. PREPAYMENT: Borrower may prepay the loan without any penalty.
4. PAYMENT APPLICATION: All payments shall first be applied to interest and then to principal.
5. SECURITY (Choose one):
☐ – This note shall be secured by a (mortgage/deed of trust) on Borrower’s premises located at______________________________ until the note is paid in full.
☐ – This note shall be secured by a UCC-1 Financing statement and security agreement giving Lender a secured interest in Borrower’s equipment, fixtures, inventory and accounts receivable of _________________________________(Borrower’s business name) until the note is paid in full.
☐ – This note is unsecured.
6. ACCELERATION: Lender may require Borrower to pay the entire balance of the unpaid principal and accrued interest immediately if the Borrower is more than _____ days late in making a payment.
7. ATTORNEYS’ FEES AND COSTS: If the Lender prevails in any action to collect on this note, Borrower shall pay Lender’s reasonable costs and attorneys’ fees.
8. STATE LAW: This note shall be governed in accordance with the laws of the State of New York.
9. MODIFICATIONS: Any modifications of or amendments to the terms herein shall be made in writing by all of the parties hereto.
10. NOTICES: Notices sent to the Borrower shall be sent by certified mail to: [Insert Borrower’s address here]
Notices and payments shall be sent to Lender at: [Insert Lender’s address here] [If you’d like a different payment method than checks mailed, specify it here]
IN WITNESS WHEREOF the Lender and Borrower have executed this Note as of
the _____ day of _________________________, 20_____.
_____________________ Lender Name: