Promissory Note - Template, Sample Form to Fill out

THIS PROMISSORY NOTE (hereinafter referred to as "the Note") is made on ________.

BETWEEN

________, of the following address:

________

(hereinafter referred to as the "Lender" and which expression shall where the context so admits include its successors-in-title and assigns);

AND

________, of the following address:

________

(hereinafter referred to as the "Borrower" and which expression shall where the context so admits include its successors-in-title and assigns).

WHEREAS the Borrower promises to pay the last installment on the loan sum on ________.

In consideration of mutual covenants and promises contained in this Note and the receipt of which is hereby acknowledged, the Parties agree as follows:

1. SCHEDULE OF PAYMENT

The Borrower promises to repay the ₦________ (________) by a fixed installment every week, for a period of ________ (________) weeks. Each installment shall be ₦________.

2. PREPAYMENT

The Borrower reserves the right to repay the note in whole or in part at an earlier date.

3. DEFAULT

The following shall constitute a default or a breach:

(I) the Borrower fails to make the payments under the Agreement as at when due;

(II) if the Borrower becomes insolvent, thereby making the due performance of the Agreement doubtful;

(III) the Borrower fails to duly perform its obligations under this Agreement or other agreements entered into by the Parties;

(IV) the Borrower violates other terms and conditions of this Agreement;

(V) the Borrower breaches any law, regulation, judgment or administrative decision, or any law in the circumstances where the Lender reasonably believes that the breach will affect the Borrower's ability to meet its obligations in this Agreement.

If the Borrower defaults in fulfilling any obligation set forth herein or if an default occurs, the Lender may declare the unpaid and any accrued interest, immediately due and payable.

4. GENERAL PROVISIONS

a) GOVERNING LAW: This Note shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.

b) ENTIRE AGREEMENT: This Note constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior negotiations, representations, understandings and agreements, whether oral or written, relating thereto.

c) AMENDMENT: No amendment, modification or variation of this Note shall be valid or binding unless made in writing and duly executed by both Parties.

d) WAIVER: No failure or delay by either Party in exercising any right, power or remedy under this Note shall operate as a waiver thereof, nor shall any single or partial exercise of any such right preclude any further exercise of it or the exercise of any other right.

e) NOTICES: Any notice required or permitted to be given under this Note shall be in writing and shall be deemed duly given when delivered personally or sent by registered post or electronic mail to the address of the relevant Party set out above.

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g) SEVERABILITY: Every provision in this Note is intended to be severable. If any provision is invalid for any reason whatsoever, such invalidity shall not affect the validity of other clauses in this Agreement.

h) COUNTERPARTS: This Note may be executed in several counterparts, all of which constitutes a single agreement between the Parties.

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IN WITNESS WHEREOF, the Parties have executed this Note this day and year first written above.

SIGNED by the Lender

_____________________
________

in the presence of:

Name................................................................................................................

Address.............................................................................................................

Occupation........................................................................................................

Signature..........................................................................................................

SIGNED by the Borrower

_____________________

________

in the presence of:

Name................................................................................................................

Address.............................................................................................................

Occupation........................................................................................................

Signature..........................................................................................................