Secured Lumpsum Promissory Note Agreement

{{company_name}}

{{company_address}}

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

Secured Lumpsum Promissory Note Agreement

Secured Lumpsum Promissory Note Agreement

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

PROMISSORY NOTE

FOR VALUE RECEIVED, the undersigned, {{borrower_name}} (hereinafter, 'Borrower'), with physical address at {{borrower_address}}, promises to pay to the order of {{lender_name}} (hereinafter, 'Lender'), with physical address at {{lender_address}}, the principal sum of {{loan_amount_words}} (R{{loan_amount_figures}}) on or before {{due_date}}.

INTEREST

Interest shall accrue on the outstanding principal balance at the rate of {{interest_rate}}% per annum. Interest shall be calculated from the Effective Date until the full repayment of the principal amount and any accured interest. Default interest shall apply at {{default_interest_rate}}% per annum on any overdue amounts.

PAYMENT

The Borrower shall make a single lumpsum payment of the principal sum and all accrued interest on or before the Due Date specified above. All payments shall be made in South African Rands (ZAR) to the Lender at the address specified above, or at such other place as the Lender may designate in writing. Payments shall be made via {{payment_method}}.

SECURITY

This Promissory Note is secured by {{description_of_collateral}} (hereinafter, 'Collateral'). The Borrower hereby grants to the Lender a security interest in the Collateral. In the event of default, the Lender shall have the right to seize and sell the Collateral to satisfy the outstanding debt, in accordance with applicable laws.

DEFAULT

The occurrence of any of the following shall constitute an event of default under this Promissory Note:

a) Failure of the Borrower to pay the principal sum or any accrued interest when due.

b) Breach by the Borrower of any term or condition of this Agreement.

c) Insolvency or bankruptcy of the Borrower.

REMEDIES UPON DEFAULT

Upon the occurrence of an event of default, the entire unpaid principal sum and accrued interest shall, at the option of the Lender, become immediately due and payable without presentment, demand, protest, or notice of any kind. The Lender shall further have all rights and remedies available at law or in equity, including but not limited to the right to realize on the security as stipulated in the 'Security' section.

GOVERNING LAW

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

ACCEPTANCE

By signing below, the Borrower acknowledges receipt of the principal sum and agrees to the terms and conditions outlined in this Promissory Note.

SIGNATURES

___________________________

Borrower's Signature

{{borrower_name}}

Date: {{borrower_signature_date}}

___________________________

Lender's Signature

{{lender_name}}

Date: {{lender_signature_date}}