PROMISSORY NOTE
(Alberta)
Amount: $________
Date: ________
FOR VALUE RECEIVED, the undersigned borrower,________, having a primary address at the following:
________
(hereinafter the "Borrower")
hereby promises to pay the lender, ________, having a primary address at the following:
________
(hereinafter the "Lender")
the sum of $________ (________) ("Principal Amount") with interest at the rate of ________% per annum, compounded monthly ("Interest") on the unpaid principal in accordance with the terms and conditions set forth below.
1. Terms of Repayment
General Repayment: The Principal Sum plus all accrued interests will be paid back in full on ________ ("Due Date"). The Borrower shall ensure that the entirety of the Principal Sum and all interests will be returned by the Due Date.
The Borrower shall pay back the Lender by cheque sent to the address of the Lender specified above.
Past Due Interest: If the Due Date passes and the entirety of the Principal Sum with accrued interest has not been paid back, a higher interest rate of ________% per annum on the unpaid amount will be charged until all the funds owing are recouped in full.
2. Default
The following events constitute default of this Promissory Note and upon their occurrence, the entirety of any remaining amount due shall become immediately payable:
a) The Borrower's insolvency;
b) The Borrower's death, incompetency; liquidation, or dissolution;
c) The Borrower's making of a general assignment for the benefit of Borrower's creditors;
d) The Borrower's filing of any bankruptcy proceedings; or
e) Any application for the appointment of a receiver for the Borrower.
3. Collection costs
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4. Security
This Promissory Note is secured by the following collateral ("Collateral"):
________
Until this Promissory Note is paid in full, Borrower grants Lender a security interest in the Collateral. Borrower hereby agrees to list Lender as a lender on the title of the Security, regardless of Lender's choice to perfect the security interest.
If the Borrower defaults on this Promissory Note and does not make payment for seven (7) days after it is demanded by Lender, the Collateral will revert to Lender and all rights in the ownership of such Collateral will belong to Lender.
5. Prepayment
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6. Severability
The Parties acknowledge that if a dispute between the Parties arises out of this Promissory Note or the subject matter of this Promissory Note, they would want the court to interpret the Promissory Note as follows:
a) with respect to any provision that it holds unenforceable, by modifying that provision to the minimum extent necessary to make it enforceable, or if that modification is not permitted by law, by disregarding that provision;
b) if an unenforceable provision is modified or disregarded in accordance with the present section, by holding that the rest of the Promissory Note will remain in effect as written;
c) by holding that any unenforceable provision will remain as written in any circumstances other than those in which the provision is held to be unenforceable;
d) if modifying or disregarding the unenforceable provision would result in a failure of an essential purpose of this Promissory Note, by holding the entire Promissory Note unenforceable.
7. Amendement
This Promissory Note may only be amended in writing signed by both Parties.
8. Assignment
This Promissory Note, or the rights granted hereunder, may be assigned, sold, leased or otherwise transferred in whole or part by the Lender.
9. Binding
This Promissory Note will inure to the benefit of and be binding upon the respective successors, assigns, heirs, executors and/or administrators of the Borrower.
BORROWER
Name: ________
Signature: _________________________
Date: _____________________________