Loan Note (Short Form )

Loan Note (Short Form )

THIS DEED is made the day of year
BY:
Of (the "Borrower" ).
WHEREAS:
The Borrower is indebted to (the "Lender" ) in the sum of N;.
NOW THIS DEED WITNESSES as follows:
1. The Borrower promises to pay to the order of the Lender the sum of NAIRA (N ; ), with annual interest of  ) on any unpaid balance.
2. This note shall be paid in consecutive and equal installments of N; each with the first payment one from date hereof, and the same amount on the same day of each thereafter, provided the entire principal balance and any accrued but unpaid interest shall be fully paid on or before.
3. This note may be prepaid without penalty. All payments shall be first applied to interest and the balance to principal.
4. This note shall be due and payable upon demand by any holder hereof should the Borrower default in any payment beyond days of its due date.
IN WITNESS OF WHICH the Borrower has executed this deed the day and year first above written

____________________________________
Signed by or on behalf of the Debtor
____________________________________
in the presence of (witness ) Name _________________________ Address _________________________
_________________________
_________________________ Occupation _________________________

 

Toggle menu