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Promissory Note
Updated: 11/22/2003

Format: ms word

Provides you with a template to structure a Promissory Note between your company and a 3rd party

Software Notes:



______ __, 200_
______, Massachusetts

FOR VALUE RECEIVED, the undersigned, _____________and __________________, ("Makers") jointly and severally hereby agree and promise to pay to the order of _________________or ___________________ ("Holders") at _______________________, or at such other place as the Holders or their assigns may, from time to time, designate, the principal sum of _______________ Dollars ($______) together with interest with respect to that amount as provided below.

1. The unpaid principal amount of this Note shall accrue interest from ________, 200_ at a rate equal to ___ percent (___%) per annum. Interest shall be computed on the basis of a 360-day year but shall be payable for the actual days for which interest accrues. All interest that accrues pursuant to this paragraph shall be due and payable on the 1st day of _____ and the 1st day of _________ in each year that the unpaid principal amount of this Note remains outstanding.

2. The principal amount of this Note shall be due and payable in full on the earlier to occur of the following:

(a) The sale by Makers of the real estate owned by Makers and located at __________________________________; or
(b) ___________, 20__.