Promissory Note - Template, Sample Form to Fill out

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Promissory Note - Template, Sample Form to Fill out

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PROMISSORY NOTE

This Promissory Note, hereinafter referred to as this "Note" is entered into and made effective this................ day of................................................ 20............. by and between the following parties:

BETWEEN THE BORROWER (hereinafter "Borrower"):

________, of the following address:

________

AND THE LENDER (hereinafter "Lender"):

________, of the following address:

________

PRINCIPAL AMOUNT (hereinafter the "Principal"): $________ (________ Australian Dollars only)

FOR VALUE RECEIVED the Borrower hereby promises to pay the Principal, together with any interest due, on the Maturity Date to the Lender.

(1) MATURITY DATE

The Borrower must repay the Principal on ________ (the 'Maturity Date') together with any default interest, costs, fees, expenses or charges owing under this agreement including interest accrued at the rate of........................ % per annum.

(2) ACCELERATION OF REPAYMENT

Following the occurrence of any default by the Borrower, including failure to make any payment of Principal or interest on the date it falls due for payment, the unpaid balance of any amounts due under this Note shall become immediately due and payable.

(3) DEFAULT INTEREST

During the continuing existence of any event of default, interest shall be payable on the outstanding Principal balance of this Note at the annual rate of 7% (the "Default Rate") or if the maximum rate of interest permitted at law is less than the Default Rate, that lower permissible rate of interest.

(4) ADDITIONAL COSTS

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(5) PREPAYMENT

The Borrower may prepay the whole or any part of the outstanding Principal at any time prior to the Maturity Date without penalty. Any such prepayment shall first be applied to any accrued interest, costs, fees, expenses or charges then owing under this Note, and the balance towards the reduction of the Principal then outstanding.

(6) MANNER OF PAYMENT

All payments of Principal, interest and any other amounts due under this Note shall be made by the Borrower to the Lender in Australian Dollars, in immediately available funds, at the address of the Lender set out above or at such other place or by such other method as the Lender may direct in writing from time to time.

(7) SEVERABILITY

If any provision of this Note is declared illegal or otherwise invalid or unenforceable, that provision shall be severed to the extent of that illegality, invalidity or unenforceability, without affecting the remaining provisions of this Note.

(8) WAIVER

(9) WARRANTIES REGARDING LEGAL ADVICE

Each party under this Note, (which for the purposes of this clause shall be referred to as the "Warranting Party" as the context requires) hereby respectively warrants:

(a) that the Warranting Party fully understands the terms of this Note.

(b) that the Warranting Party has had the opportunity to obtain independent legal advice in relation to the matters addressed by this Note and the Warranting Party has either:

(I) taken such independent legal advice; or

(II) elected not to take such independent legal advice.

(c) that the Warranting Party has not been induced to enter this Note by any representation(s) made by the other party or by any officer, employee, director, agent, contractor, assignee, successor or other representative of the other party, except as provided in this Note.

(10) BINDING

(a) The terms set out in this Note are binding upon, and enure to the benefit of each of the heirs, executors, administrators, legal representatives, successors and assigns of the Borrower and the Lender respectively.

(b) The Borrower hereby waives presentment for payment, demand and protest and notice of protest, and of non payment and dishonour of this Note.

(11) GOVERNING LAW

This Note will be governed by and construed in accordance with the laws of the State of New South Wales. The parties shall submit to the non-exclusive jurisdiction of the courts of the State of New South Wales, including any courts that hear appeals from those courts.

EXECUTED AS A DEED THIS..................... day of................................................

Signed Sealed and Delivered by ________:

..................................................
________

In the presence of:

................................................
Witness Signature

................................................
Witness Name

................................................
Witness Occupation

................................................

................................................
Witness Address