FREE Canadian Promissory Note - Demand with Interest
A free Promissory Note - Demand with Interest for Canada. This document is used to loan money to another party and sets for the terms of the loan including the interest rate.
Disclaimer:This was not drafted by a attorney & should not be used as a legal document.
PROMISSORY NOTE- DEMAND WITH INTEREST
For value received, the undersigned [Name], ("the Borrower") hereby acknowledges that he shall be indebted to [Name of the Lender] and promises to pay, unconditionally to the Lender at [Address of the Lender] on demand by the Lender or as otherwise directed by the Lender in writing, the Principle sum of CAD $ [amount] with an interest of [Rate of interest] % per annum, calculated annually , not in advance, both before and after demand, maturity, default and judgment until paid.
In the event of default in payment of any amount of principle or interest under this Note, the entire remaining principle sum and interest due as accrued, shall at the option of the Lender become immediately due and payable to the Lender without any notice or demand.
The Lender may assign his rights, title and interest under this Note. All payment required to be made hereunder shall be made by the Borrower without any right of set off or counterclaim.