Promissory Term Note (England and Wales)

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This Promissory Term Note is designed for use in England and Wales. This form is available for immediate download.

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When a person or entity (the “Lender”) loans money to another person or entity (the “Borrower”), the loan is typically formalised with a written promissory note. This Promissory Note Term requires the Borrower to pay off the entire principal amount of the note, and remaining accrued interest, on a specific date. Having a written Promissory Term Note will prove invaluable if the borrower defaults on repaying the loan or in the event of litigation.

Among others, this form contains the following provisions:
  • Amount and Date: This provision sets out the specific amount of money borrowed and the date the note was signed;
  • Parties: This provision sets out the names and addresses of the borrower and the lender;
  • Repayment: This provision sets out the amount of accrued interest and the date the loan must be fully paid;
  • Default: This provision contains the penalties in the event of default.

Protect Yourself, your Rights and your Property by using our professionally prepared up-to-date forms.

This lawyer-prepared packet includes:
  1. General Information
  2. Instructions and Checklist
  3. Promissory Term Note for use in England and Wales
Law Compliance: This form complies with the laws of England and Wales
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.












Promissory Term Note
(England and Wales)











This Packet Includes:
   1. Instructions and Checklist
   2. General Information
   3. Promissory Term Note






Instructions and Checklist
Promissory Term Note

   The Borrower must sign and date the Promissory Note.  The signature doesnt normally need to be witnessed.

   The Lender should keep the original Promissory Note with the original signature of the Borrower. There should only be one original Promissory Note with the original signature.

   The Borrower should keep a copy of the Promissory Note.

   When the Borrowers obligation under the Promissory Note is satisfied (i.e. the Promissory Note is paid off), the Lender should write “Cancelled”, “Satisfied in Full” or “Paid in Full” on the front face of the original Promissory Note and should then sign and date it. The original Promissory Note should then be given back to the Borrower.

   Laws vary from time to time. It may be a good idea to have a lawyer review the completed Promissory Note before the Borrower signs it.  

   These forms are not intended and are not a substitute for legal advice. These forms should only be a starting point for you and should not be used without consulting with a lawyer first.

   The purchase and use of these forms, is subject to the Disclaimers and Terms of Use found at www.findlegalforms.com







General Information
Promissory Term Note

A Promissory Note creates an obligation for a Borrower to repay a loan back to a Lender together with a certain amount of interest.

Whenever a person lends money to another person, it is generally a good idea to have some document memorialising the transaction. The document should identify the parties, indicate the amount borrowed, the time for repayment, the rate of interest, conditions of default and any other necessary terms.

Just like any contract, a Promissory Note can help the Lender enforce repayment terms and can be useful in any effort necessary to collect the amount lent.

There are different types of Promissory Notes and countless different ways to structure a Note.  Some Promissory Notes require a payment of the borrowed amount (“Principal”) plus interest at once, while others require periodic payments of interest, followed by a lump sum payment of the amount borrowed.  

This particular Promissory Note requires the Borrower to pay off the entire principal amount of the note and remaining accrued interest (interest payments will be made yearly) on a specific date.

Please note that this information is not intended as and is not a substitute for legal advice






DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only a lawyer can provide legal advice.  A lawyer should be consulted for all serious legal matters.  No Lawyer-Client relationship is created by use of these materials.  

THESE MATERIALS ARE PROVIDED “AS-IS.  FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS.  THE MATERIALS ARE USED AT YOUR OWN RISK.  IN NO EVENT WILL:  I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS. 


Promissory Term Note

Amount £
Date

FOR VALUE RECEIVED, the undersigned, _______________________________ (Borrower), maintaining an address at _______________________________ (Borrower's Address) promises to pay to the order of ________________________________  (Lender), whose address is ______________________________________  (Lender's Address), the principal sum of £_____________ (Principal), together with interest of _____% (Interest Rate) per year thereon from the date herein.

Accrued interest shall be payable on the first business day of each year and at maturity.  The entire Principal together with any accrued but unpaid interest shall be fully paid on or before _______________, 20___.

All or any part of the Principal may be prepaid at any time and from time to time without penalty.  Payments shall be applied first to accrued interest and the balance to the Principal.  

In the event of any default by the Borrower in the payment of Principal or interest after demand is made, the unpaid balance of the Principal of this promissory note shall, at the option of the holder, become immediately due and payable. Any amount due at the time of default shall accrue interest until payment at the rate of fifteen percent (15%) per year or the highest rate permitted by law, whichever is less.

Upon default in making payment within 7 days of demand, Borrower agrees to pay all reasonable legal fees and costs of collection to the extent permitted by law.

Borrower and all other persons who may become liable for the payment hereof severally waive demand, presentment, protest, notice of dishonour or non-payment, notice of protest, and any and all lack of diligence or delays in collection, which may occur.

All payments hereunder shall be made to such address as may from time to time be designated by any holder and must be made in Sterling Pounds.

Borrower and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be paid in full and waive demand, presentment and protest and all notices hereto. Borrower further agrees to remain bound by this note notwithstanding any extension, modification, waiver, or other indulgence, failure, discharge or release of any obligation hereunder.

The holders failure to exercise any right or option hereunder does not constitute a waiver of any future right or option.  

No modification to this document or indulgence by any holder hereof shall be binding unless in writing.

If any provision of this Note is deemed unenforceable, in whole or in part, for any reason, the remaining provisions shall still remain in full force and effect.

This note shall take effect as a sealed instrument and is made and executed under, and is in all respects governed by, the laws of England & Wales.


_________________________________
(Signature of Borrower)
Number of Pages5
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#34925
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.












Promissory Term Note
(England and Wales)











This Packet Includes:
   1. Instructions and Checklist
   2. General Information
   3. Promissory Term Note






Instructions and Checklist
Promissory Term Note

   The Borrower must sign and date the Promissory Note.  The signature doesnt normally need to be witnessed.

   The Lender should keep the original Promissory Note with the original signature of the Borrower. There should only be one original Promissory Note with the original signature.

   The Borrower should keep a copy of the Promissory Note.

   When the Borrowers obligation under the Promissory Note is satisfied (i.e. the Promissory Note is paid off), the Lender should write “Cancelled”, “Satisfied in Full” or “Paid in Full” on the front face of the original Promissory Note and should then sign and date it. The original Promissory Note should then be given back to the Borrower.

   Laws vary from time to time. It may be a good idea to have a lawyer review the completed Promissory Note before the Borrower signs it.  

   These forms are not intended and are not a substitute for legal advice. These forms should only be a starting point for you and should not be used without consulting with a lawyer first.

   The purchase and use of these forms, is subject to the Disclaimers and Terms of Use found at www.findlegalforms.com







General Information
Promissory Term Note

A Promissory Note creates an obligation for a Borrower to repay a loan back to a Lender together with a certain amount of interest.

Whenever a person lends money to another person, it is generally a good idea to have some document memorialising the transaction. The document should identify the parties, indicate the amount borrowed, the time for repayment, the rate of interest, conditions of default and any other necessary terms.

Just like any contract, a Promissory Note can help the Lender enforce repayment terms and can be useful in any effort necessary to collect the amount lent.

There are different types of Promissory Notes and countless different ways to structure a Note.  Some Promissory Notes require a payment of the borrowed amount (“Principal”) plus interest at once, while others require periodic payments of interest, followed by a lump sum payment of the amount borrowed.  

This particular Promissory Note requires the Borrower to pay off the entire principal amount of the note and remaining accrued interest (interest payments will be made yearly) on a specific date.

Please note that this information is not intended as and is not a substitute for legal advice






DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only a lawyer can provide legal advice.  A lawyer should be consulted for all serious legal matters.  No Lawyer-Client relationship is created by use of these materials.  

THESE MATERIALS ARE PROVIDED “AS-IS.  FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS.  THE MATERIALS ARE USED AT YOUR OWN RISK.  IN NO EVENT WILL:  I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS. 


Promissory Term Note

Amount £
Date

FOR VALUE RECEIVED, the undersigned, _______________________________ (Borrower), maintaining an address at _______________________________ (Borrower's Address) promises to pay to the order of ________________________________  (Lender), whose address is ______________________________________  (Lender's Address), the principal sum of £_____________ (Principal), together with interest of _____% (Interest Rate) per year thereon from the date herein.

Accrued interest shall be payable on the first business day of each year and at maturity.  The entire Principal together with any accrued but unpaid interest shall be fully paid on or before _______________, 20___.

All or any part of the Principal may be prepaid at any time and from time to time without penalty.  Payments shall be applied first to accrued interest and the balance to the Principal.  

In the event of any default by the Borrower in the payment of Principal or interest after demand is made, the unpaid balance of the Principal of this promissory note shall, at the option of the holder, become immediately due and payable. Any amount due at the time of default shall accrue interest until payment at the rate of fifteen percent (15%) per year or the highest rate permitted by law, whichever is less.

Upon default in making payment within 7 days of demand, Borrower agrees to pay all reasonable legal fees and costs of collection to the extent permitted by law.

Borrower and all other persons who may become liable for the payment hereof severally waive demand, presentment, protest, notice of dishonour or non-payment, notice of protest, and any and all lack of diligence or delays in collection, which may occur.

All payments hereunder shall be made to such address as may from time to time be designated by any holder and must be made in Sterling Pounds.

Borrower and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be paid in full and waive demand, presentment and protest and all notices hereto. Borrower further agrees to remain bound by this note notwithstanding any extension, modification, waiver, or other indulgence, failure, discharge or release of any obligation hereunder.

The holders failure to exercise any right or option hereunder does not constitute a waiver of any future right or option.  

No modification to this document or indulgence by any holder hereof shall be binding unless in writing.

If any provision of this Note is deemed unenforceable, in whole or in part, for any reason, the remaining provisions shall still remain in full force and effect.

This note shall take effect as a sealed instrument and is made and executed under, and is in all respects governed by, the laws of England & Wales.


_________________________________
(Signature of Borrower)

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