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Promissory Note (Line of Credit With Interest) |
$25.00 |
| This is a Promissory Note for payment of money loaned in connection with a line of credit. It is payable in one lump sum with interest. The interest rate must be established and the schedule for payment of interest should be included (e.g., monthly payments due on the first of each month.)
Format: |
Microsoft WordPROMISSORY NOTE -
LINE OF CREDIT – WITH INTEREST
$__________________ [City], [State]
For value received, the undersigned ("Borrower”) promises to pay to _____________ (“Payee”), or order, at its offices at [ address], the principal sum of ____________________________________________ Dollars ($___________), or so much thereof as may be disbursed to, or for the benefit of, Borrower by Payee, together with interest at the rate hereinafter provided for on the unpaid principal balance of this Note from time to time outstanding until paid in full. It is the intent of Borrower and Payee hereunder to create a line of credit agreement between Borrower and Payee whereby Borrower may borrow up to $___________________ from Payee; provided, however, that Payee has no obligation to lend Borrower any amounts hereunder and the decision to lend such money lies in the sole and complete discretion of the Payee.
The unpaid principal of this line of credit shall bear simple interest at the rate of _____ percent (__%) per annum, or the maximum amount of interest allowed under the laws of the State of ________________, whichever is less. Interest shall be calculated based on the principal balance as may be adjusted from time to time to reflect additional advances made hereunder. Interest shall accrue monthly on the unpaid balance of this Note but shall not be due and payable until such time as when the principal balance of this Note becomes due and payable. The principal balance of this Note shall be due and payable on [DATE].
Nothing contained in this Note shall be deemed to require the payment of interest or other charges by Borrower or any other person in excess of the amount that the Payee may lawfully charge under the applicable usury laws. In the event that Payee shall collect moneys which are deemed to constitute interest which would increase the effective interest rate to a rate in excess of that permitted to be charged by applicable law, all such sums deemed to constitute interest in excess of the legal rate shall be credited against the principal balance of this Note then outstanding, and any excess shall be returned to Borrower….
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