Promissory Note Payable on Demand

PROMISSORY NOTE
PAYABLE ON DEMAND

 

$__________________                                                                                                                                         

[City], [State]

 

                       For value received, the undersigned (Maker) promises to pay to ____________________ (Payee), or order, at its offices at [address], the principal sum of__________________________________________________ Dollars ($___________), together with interest at the rate hereinafter provided for on the unpaid principal balance of this note from time to time until paid in full.

                       Interest shall accrue on the unpaid and outstanding principal balance of this note commencing on the date hereof and continuing until repayment of this note in full at a rate per annum equal to ___%.  Interest only payments shall be made by Maker to Payee on or before the [1st] day of each [month].  The principal shall be due and payable in full on demand by Maker.

                       Maker shall make all payments hereunder to Payee in lawful money of the United States and in immediately available funds.

                       The maturity of this note may be accelerated by Payee in the event Maker is in breach or default of any of the terms, conditions or covenants of any other agreement with Payee or its affiliates.  Should default be made in payment of any installment when due hereunder the whole sum of principal and interest shall become immediately due and payable at the option of the holder of this note.

                                                                                                                                                                                                                                                                                                           In the event any installment provided for herein is not paid on or before two (2) days following its due date ...