Promissory Note With Acknowledgment

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

PROMISSORY NOTE WITH ACKNOWLEDGMENT

FOR VALUE RECEIVED, the undersigned, {{maker_name}} (hereinafter referred to as the “Maker”), residing at {{maker_address}}, promises to pay to the order of {{payee_name}} (hereinafter referred to as the “Payee”), residing at {{payee_address}}, the principal sum of {{currency}} {{amount}} ({{amount_in_words}}), together with interest thereon at the rate of {{interest_rate}}% per annum.

TERMS OF REPAYMENT

The principal sum and accrued interest shall be repaid in the following manner:

Choose one option:

Option A: On {{due_date}}, the entire outstanding principal balance and any accrued unpaid interest shall be due and payable in full.

Option B: In {{number_of_installments}} equal monthly installments of {{currency}} {{installment_amount}}, commencing on {{first_payment_date}} and continuing on the same day of each subsequent month until the entire principal and interest are paid in full.

Option C: Other (specify): {{other_repayment_terms}}

All payments shall be made to the Payee at the address specified above, or at such other address as the Payee may designate in writing to the Maker.

DEFAULT

Upon default in the payment of any installment or interest when due, or upon the occurrence of any other event of default as defined herein, the entire unpaid principal sum and accrued interest shall, at the option of the Payee, become immediately due and payable without prior notice or demand.

ACCELERATION

If the Maker fails to make any payment under this Note when due, the entire principal sum and all accrued interest shall, at the option of the Payee, become immediately due and payable and collectible without notice.

COSTS OF COLLECTION

In the event of default, the Maker agrees to pay all reasonable costs of collection, including but not limited to, attorney’s fees, court costs, and other expenses incurred by the Payee in enforcing this Note.

ACKNOWLEDGMENT

The Maker hereby acknowledges that they have read and understood the terms and conditions of this Promissory Note and agree to be bound by them. The Maker further acknowledges receipt of the full consideration for this Note.

GOVERNING LAW

This Promissory Note shall be governed by and construed in accordance with the laws of {{country/region}}.

SIGNATURES

IN WITNESS WHEREOF, the parties have executed this Promissory Note on this {{day}} day of {{month}}, {{year}}.

MAKER:

_____________________________

{{maker_name}}

PAYEE:

_____________________________

{{payee_name}}

WITNESSES:

_____________________________

{{witness_name_1}}

_____________________________

{{witness_name_2}}