Promissory Note Template Illinois

This Promissory Note (the "Note") entered as of (Date), by and between

​[Borrower.FirstName][Borrower.LastName] (the Borrower),

being able to send mail to [Borrower.StreetAddress][Borrower.City][Borrower.State][Borrower.PostalCode], and

​[Lender.FirstName][Lender.LastName] (the Lender),

being able to send mail to [Lender.StreetAddress][Lender.City][Lender.State][Lender.PostalCode].

The laws of the State of Illinois regulate this Note.

Promise to Pay

The Borrower promises to pay to the order of the Lender the Principal sum of (Principal Amount)

Dollars ($(Principal Amount)) (the "Principal"), together with Interest on the unpaid Principal balance at the rate of (Interest Rate)% per annum, calculated based on a 365-day year for the actual number of days elapsed (the "Interest").

Payment Terms

The Borrower will repay the Lender based on these terms:

(a.) The Borrower commits to making (Number of Payments) equal monthly installments. Each installment amounts to $(Payment Amount). These payments will cover both the Principal and the Interest. The first payment will start on (First Payment Date).

The Borrower will make regular payments on the same day of each following month. This will remain until the Borrower has repaid both the Principal and the Interest.

(b.) The Borrower may prepay any part of the Principal and Interest without penalty.

(c.) If the Borrower is late, the Lender can demand payment immediately. The Borrower is accountable for settling the outstanding Principal and Interest sum.

(d.) The Borrower will pay the accrued and unpaid Interest before paying the Principal.

(e.) The Borrower must make all payments using lawful money of the United States of America. They will accept any suitable payment method.

Late Fees and Default

(a.) If the Borrower cannot pay within (Number of Days) days after its due date, they will be subject to a late fee. The late fee will amount to $(Late Fee Amount).

(b.) If the Borrower cannot make a payment when due, they will default under this Note. The Lender can declare the entire unpaid Principal and Interest immediately payable. They may exercise all rights and remedies available under Illinois law.

Acceleration

If the Borrower defaults on any payment due under this Note, they will violate the agreement. Not meeting the Note's terms is also an issue. The Lender can demand the entire Principal and Interest. This action is at the discretion of the Lender.

Waiver

The Borrower hereby waives any requests related to this Note. They have also agreed to waive any other requests related to the Note.

Governing Law

The laws of the State of Illinois will govern this Note. The construction of the Note will not consider conflicts of law principles.

Severability

The Parties will take invalid or unenforceable clauses out. All other conditions will continue to be in full effect.

Amendments

An amendment or change to this Note requires a written agreement. Both the Borrower and the Lender must sign the contract.

Binding Effect

This Note will bind the Borrower and its successors. The Lender and its successors will benefit from this Note.

IN WITNESS of whom, the Borrower has completed this Promissory Note on the date specified.