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Lump-Sum Payment Sample

In: Business and Management

Submitted By iannguyen
Words 417
Pages 2
Promissory Note
(Lump-Sum Payment)

1. Names.
Borrower: ________Shayne Ward____________________________________________ Address: ________Suite 1173 Sacramento, CA 95814, USA_______________________
Lender: _________Kelly Clarkson____________________________________________ Address: _________PO Box 309. Hickory, NC 28603. USA_______________________
2. Promise to Pay. For value received, Borrower promises to pay Lender $___10,000___ and interest at the yearly rate of ___8__% on the unpaid balance as specified below.
3. Payment Date.
[X] Borrower will pay the entire amount of principal and interest on or before ________04/20/2018___________.
[ ] Borrower will pay the entire amount of principal and interest on or before the earlier of (1) the occurrence of ___________________________________________, or (2) _______________________________________________________________.
4. Prepayment. Borrower may prepay all or any part of the principal without penalty.
5. Security.
[ ] This is an unsecured note.
[ ] Borrower agrees that until the principal and interest owed under this promissory note are paid in full, this note will be secured by a security agreement and Uniform Commercial Code Financing Statement giving Lender a security interest in certain equipment, fixtures, inventory, or other assets, as described in the security agreement, of the business known as __________ Je T’aime Inc._________________________ ____________________________________________________________________. [ ] Borrower agrees that until the principal and interest owed under this promissory note are paid in full, this note will be secured by the [choose one: mortgage / deed of trust] covering the real estate commonly known as ____________________________ and more fully described as follows: _____________________________________.
6. Collection Costs. If Lender prevails in a lawsuit

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