Promissory Note With Acceleration Clause

{{company_name}}

{{company_address}}

Phone: {{phone}} | Email: {{email}} | Web: {{website}}

Promissory Note With Acceleration Clause

Promissory Note With Acceleration Clause

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

PROMISSORY NOTE WITH ACCELERATION CLAUSE

FOR VALUE RECEIVED, the undersigned, {{borrower_name}} (hereinafter referred to as "Borrower"), residing at {{borrower_address}}, hereby promises to pay to the order of {{lender_name}} (hereinafter referred to as "Lender"), located at {{lender_address}}, the principal sum of {{loan_amount}} ({{loan_amount_words}}), together with interest thereon at the rate of {{interest_rate}}% per annum.

PAYMENT TERMS

The principal sum and accrued interest shall be payable in {{number_of_installments}} ({{number_of_installments_words}}) equal consecutive monthly installments of {{installment_amount}} ({{installment_amount_words}}), commencing on {{first_payment_date}} and continuing on the {{day_of_month}} day of each month thereafter until the entire amount of this Note is fully paid. All payments shall be made in {{currency}} to the Lender at the address stated above, or at such other place as the Lender may designate in writing.

ACCELERATION CLAUSE

Upon the occurrence of any of the following events of default (each, an "Event of Default"), the entire principal sum remaining unpaid and all accrued interest thereon shall, at the option of the Lender, become immediately due and payable without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived by the Borrower:

a) Failure of the Borrower to pay any installment of principal or interest on the due date thereof.

b) Any representation or warranty made by the Borrower herein or in connection with this Note proving to be false or misleading in any material respect.

c) The Borrower becoming insolvent, making an assignment for the benefit of creditors, or initiating any proceeding under bankruptcy or insolvency laws.

d) Any material breach by the Borrower of any other agreement with the Lender.

DEFAULT INTEREST

Upon the occurrence of an Event of Default and during the continuance thereof, the unpaid principal balance of this Note shall bear interest at an increased rate of {{default_interest_rate}}% per annum (the "Default Interest Rate"), calculated from the date of default until the date such default is cured or the principal sum and all accrued interest are paid in full.

PREPAYMENT

The Borrower shall have the right to prepay this Note in whole or in part at any time without penalty or premium.

GOVERNING LAW

This Promissory Note shall be governed by and construed in accordance with the laws of {{country_name}}, without regard to its conflict of laws principles.

WAIVER

No waiver by the Lender of any default shall be effective unless in writing, nor shall any such waiver operate as a waiver of any other default or of the same default on a future occasion.

SEVERABILITY

If any provision of this Promissory Note is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

ENTIRE AGREEMENT

This Promissory Note constitutes the entire agreement between the Borrower and the Lender with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.

SIGNATURES

_____________________________

Borrower Name: {{borrower_name}}

Date: {{date}}

_____________________________

Lender Name: {{lender_name}}

Date: {{date}}