FREE Canadian Promissory Note - Fixed Term
A lender can use this free Promissory Note - Fixed Term in Canada when lending money to another party. Various important terms for such agreements are included.
Disclaimer:This was not drafted by a attorney & should not be used as a legal document.
PROMISSORY NOTE- FIXED TERM
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 Principle sum and interest shall be due and payable at the end of the term of this Promissory Note on [Date] or by 12 monthly equal installments payable in advance commencing on the first date of every month after execution of this Note.
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.