Promissory Note With Acknowledgment

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

PROMISSORY NOTE WITH ACKNOWLEDGMENT

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

Payment Terms

The principal sum and accrued interest shall be payable in {{number_of_payments}} ({{number_of_payments_words}}) equal consecutive monthly installments of R{{installment_amount}} each, commencing on {{first_payment_date}}, and continuing on the {{day_of_month}} day of each month thereafter until the full amount is paid. All payments shall be made in South African Rands to the Payee at the address stated above, or at such other place as the Payee may designate in writing.

Late Payment

If any payment due under this Promissory Note is not received by the Payee within {{grace_period}} ({{grace_period_words}}) days after its due date, a late fee of {{late_fee_percentage}}% of the overdue payment shall be applied.

Default

Upon the occurrence of any of the following events of default, the entire outstanding principal sum and accrued interest shall, at the option of the Payee, become immediately due and payable without demand or notice:

a) Failure of the Maker to pay any installment when due.

b) Bankruptcy or insolvency of the Maker.

c) Breach by the Maker of any other term or condition of this Note.

Acceleration

Upon default, the Payee shall have the right to declare the entire unpaid principal balance and accrued interest immediately due and payable. Failure by the Payee to exercise this right shall not constitute a waiver of the right to exercise the same in the event of any subsequent default.

Costs of Collection

If this Promissory Note is placed in the hands of an attorney for collection, Maker agrees to pay all reasonable costs of collection, including, without limitation, attorney’s fees, whether or not suit is instituted.

Binding Effect

This Promissory Note shall be binding upon the Maker and their heirs, successors, and assigns, and shall enure to the benefit of the Payee and their heirs, successors, and assigns.

Governing Law

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

Acknowledgment of Maker

I, {{maker_name}}, the Maker of this Promissory Note, hereby acknowledge that I have read, understood, and agree to all the terms and conditions contained herein.

Date: {{acknowledgment_date}}

Signature of Maker: __________________________

Signatures

IN WITNESS WHEREOF, the Maker has executed this Promissory Note on this {{day_of_signing}} day of {{month_of_signing}}, {{year_of_signing}}.

_________________________

Maker's Signature

{{maker_name}}

_________________________

Payee's Signature

{{payee_name}}

_________________________

Witness Signature

{{witness_name}}