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# Promissory Note
**Date:** [Insert Date]
**Principal Amount:** $[Insert Amount]
**FOR VALUE RECEIVED**, the undersigned, [Borrower's Full Name], whose address is [Borrower's Address] (the "Borrower"), promises to pay to the order of [Lender's Full Name], whose address is [Lender's Address] (the "Lender"), the sum of [Insert Amount in Words] dollars ($[Insert Amount]) in lawful money of the United States of America.
## 1. Payment Terms
The Borrower agrees to pay the Lender as follows:
- The principal amount shall be paid in full on or before [Insert Maturity Date].
- Interest shall be calculated at the rate of [Insert Interest Rate]% per annum, compounded [Insert Frequency] (e.g., annually, semi-annually).
Payments shall be made on the [Insert Payment Due Date(s)] of each month until the full amount due is paid.
## 2. Prepayment
The Borrower may prepay this note in whole or in part at any time without penalty.
## 3. Default
In the event that the Borrower fails to make any payment when due, the entire remaining balance of this note shall become immediately due and payable at the option of the Lender.
## 4. Governing Law
This promissory note shall be governed by, and construed in accordance with, the laws of the State of [Insert State].
## 5. Miscellaneous
- This note constitutes the entire agreement between the parties.
- Any modifications or amendments to this note must be in writing and signed by both parties.
- If any provision of this note is found to be unenforceable, the remaining provisions will remain in effect.
## 6. Signatures
IN WITNESS WHEREOF, the Borrower has executed this Promissory Note as of the date first above written.
___
**Borrower:**
[Borrower's Signature]
[Borrower's Printed Name]
___
**Lender:**
[Lender's Signature]
[Lender's Printed Name]
---
**Witness:**
[Witness Signature]
[Witness Printed Name]
[Date]
```
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Please ensure you fill in the placeholders with the appropriate information before using this document. It is recommended to seek legal advice to ensure compliance with local laws and regulations.