FREE Canadian Promissory Note - Fixed Term - Amortized Payment
A free Promissory Note - Fixed Term - Amortized Payment designed for use in Canada. The document sets forth the various terms of the loan.
Disclaimer:This was not drafted by a attorney & should not be used as a legal document.
PROMISSORY NOTE- FIXED TERM- AMORTIZED PAYMENT
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] or as otherwise directed by the Lender in writing, the Principle sum of CAD $ [amount] with an interest rate of [Rate of interest] % per annum, calculated annually, not in advance, both before and after demand, maturity, default and judgment until paid.
The principal sum and interest thereon shall be due and payable in [number of installments] equal consecutive monthly payments of blended principal and interest commencing on [commencement date] and thereafter on the 1st day of each month through and including [the month], with the balance of principal sum, if any, payable on [the balance date].
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/her 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.