PROMISSORY NOTE
(this "Note")
Borrower: ____________________ of
______________________________________ (the "Borrower")
Lender: ____________________ of
______________________________________ (the "Lender")
Principal Amount: $_____________ CAD
1. FOR VALUE RECEIVED, The Borrower promises to pay to the Lender at such address as may
be provided in writing to the Borrower, the principal sum of $_____________ CAD, with
interest payable on the unpaid principal at the rate of _________ percent per annum, calculated
yearly not in advance, beginning on January 19, 2024.
2. This Note will be repaid in consecutive monthly installments of principal and interest
commencing on January 19, 2024 and continuing on the nineteenth of each following month
until January 19, 2024 with the balance then owing under this Note being paid at that time.
3. At any time while not in default under this Note, the Borrower may pay the outstanding balance
then owing under this Note to the Lender without further bonus or penalty.
4. Notwithstanding anything to the contrary in this Note, if the Borrower defaults in the
performance of any obligation under this Note, then the Lender may declare the principal
amount owing and interest due under this Note at that time to be immediately due and payable.
5. The Borrower shall be liable for all costs, expenses and expenditures incurred including, without
limitation, the complete legal costs of the Lender incurred by enforcing this Note as a result of
any default by the Borrower and such costs will be added to the principal then outstanding and
shall be due and payable by the Borrower to the Lender immediately upon demand of the
Lender.
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6. If any term, covenant, condition or provision of this Note is held by a court of competent
jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be
reduced in scope by the court only to the extent deemed necessary by that court to render the
provision reasonable and enforceable and the remainder of the provisions of this Note will in no
way be affected, impaired or invalidated as a result.
7. This Note will be construed in accordance with and governed by the laws of the Province of
Ontario.
8. This Note will enure to the benefit of and be binding upon the respective heirs, executors,
administrators, successors and assigns of the Borrower and the Lender. The Borrower waives
presentment for payment, notice of non-payment, protest and notice of protest.
IN WITNESS WHEREOF the parties have duly affixed their signatures under seal
SIGNED, SEALED, AND DELIVERED
this ________ day of ________________,
_______________________________
________.
____________________
SIGNED, SEALED, AND DELIVERED
this ________ day of ________________,
_______________________________
________.
____________________
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