Promissory Note
_____________________________ (“Lender”) and ____________________________
(“Borrower”) hereby enter into this loan agreement this _____ day of _______________, 20___.
1. Amount of Loan. Lender shall loan Borrower the sum of
_____________________________ rupees (Rs.___________).
2. Interest. Interest shall be calculated on the unpaid balance as Simple/Compound (circle
one) interest at the rate of monthly Three percent (3%).
3. Payment Terms. Payments shall be applied first to interest and then to the unpaid
balance of the loan and shall be made according to the following terms.
1. Monthly Payments. Monthly payments shall be due on the first day of each
month.
2. Late Payments. Payment shall be considered late if not paid by the close of
business on the theth day of the month. A late fee of Rs.500 shall apply to all late
payments.
3. Term of Contract. Payments shall be due beginning on the first day of Every
(month), 20___ with a final payment due on the thenth day of February (month),
2015, for a contract term of Twenty four (24) months.
4. Attorney Fees and Court Costs. Should Borrower fail to comply with the terms of this
loan agreement he/she will be responsible for all of Lender’s attorney fees and any Court
costs associated with enforcement of this agreement.
5. General Provisions.
5.1 Governing Law. The parties agree that this agreement shall be governed by the
laws of the state of _____________________________ and that the Courts of the state
of _______________________ shall have exclusive jurisdiction to resolve any disputes
that may arise out of this loan agreement.
5.2 Entire Agreement. This Agreement constitutes the entire agreement of the parties
and supersedes all prior or contemporaneous oral or written agreements concerning this
subject matter.
5.3 Severability. If any provision of this agreement is held by a court of law to be illegal,
invalid or unenforceable, (a) that provision shall be deemed amended to achieve as
nearly as possible the same economic effect as the original provision, and (b) the
legality, validity and enforceability of the remaining provisions of this agreement shall not
be affected or impaired thereby.
IN WITNESS WHEREOF, the parties have executed this Promissory Note on this
first day of October, 2012. And the due date will start from First day of February 2012.
Lender Borrower
S R Enterprises
Address: _____________________________
____________________________________
________________ ____________________________
By: By:
(Shri Shekhar Ruge) (Shri Satish )
Before me, the undersigned Notary Public in and for said county and state, did personally
appear __________________________________ (Lender) and
________________________________ (Borrower) and signed this Promissory Note as their
free and voluntary act and deed
Witness 1:
____________________________________
____________________________________
____________________________________
Witness 2:
____________________________________
____________________________________
____________________________________