PROMISSORY NOTE
This Promissory Note, hereinafter referred to as this "Note" is entered into and made effective this................ day of................................................ 20............. by and between the following parties:
BETWEEN THE BORROWER (hereinafter "Borrower"):
________, of the following address:
________
AND THE LENDER (hereinafter "Lender"):
________, of the following address:
________
PRINCIPAL AMOUNT (hereinafter the "Principal"): $________ (________ Australian Dollars only)
FOR VALUE RECEIVED the Borrower hereby promises to pay the Principal, together with any interest due, on the Maturity Date to the Lender.
(1) MATURITY DATE
The Borrower must repay the Principal on ________ (the 'Maturity Date') together with any default interest, costs, fees, expenses or charges owing under this agreement including interest accrued at the rate of........................ % per annum.
(2) ACCELERATION OF REPAYMENT
Following the occurrence of any default by the Borrower, including failure to make any payment of Principal or interest on the date it falls due for payment, the unpaid balance of any amounts due under this Note shall become immediately due and payable.
(3) DEFAULT INTEREST
During the continuing existence of any event of default, interest shall be payable on the outstanding Principal balance of this Note at the annual rate of 7% (the "Default Rate") or if the maximum rate of interest permitted at law is less than the Default Rate, that lower permissible rate of interest.
(4) ADDITIONAL COSTS
In addition to the Principal and any interest payable under this Note, the Lender will be liable for any costs and expenses incurred by the Lender as a result of a default by the Borrower under this Note, including but not limited to any legal costs ("Expenses"). Such Expenses will be added to the Principal then outstanding and will be immediately due and payable by the Borrower.
(5) 28528825855
552 82552825 252, 8825252 2225822 25 2552525 2522282, 2522 2522522222 22 522 5885525 82225282 25 25282525822 258288258 25825 22 252 25255822 8522. 822 8585 2522522222 85588 82 5228825 2858282 22 522 5885525 82225282 525 82822582 22 252 8585282 22 522 25282525822 258288258.
(6) 88252855885 88585 888 5555882
552 28882528228 22 2585 25522 8822822 2588 52852222 58 82552825 85588 82 22822 525 8282558 525 2585 85588 82 258255882 525 58528282 885882 225 252 28882528228 822 252 525282.
(7) SEVERABILITY
If any provision of this Note is declared illegal or otherwise invalid or unenforceable, that provision shall be severed to the extent of that illegality, invalidity or unenforceability, without affecting the remaining provisions of this Note.
(8) WAIVER
The failure of the Lender to exercise any right, power or remedy available to it under this Note shall not constitute a waiver of that right power or remedy, or of any other right, power or remedy. The Lender's waiver of any right, power or remedy available to it under this Note shall not constitute a waiver of any other right, power or remedy, or of the Lender's entitlement to exercise that same right, power or remedy on a future date.
(9) WARRANTIES REGARDING LEGAL ADVICE
Each party under this Note, (which for the purposes of this clause shall be referred to as the "Warranting Party" as the context requires) hereby respectively warrants:
(a) that the Warranting Party fully understands the terms of this Note.
(b) that the Warranting Party has had the opportunity to obtain independent legal advice in relation to the matters addressed by this Note and the Warranting Party has either:
(I) taken such independent legal advice; or
(II) elected not to take such independent legal advice.
(c) that the Warranting Party has not been induced to enter this Note by any representation(s) made by the other party or by any officer, employee, director, agent, contractor, assignee, successor or other representative of the other party, except as provided in this Note.
(10) BINDING
(a) The terms set out in this Note are binding upon, and enure to the benefit of each of the heirs, executors, administrators, legal representatives, successors and assigns of the Borrower and the Lender respectively.
(b) The Borrower hereby waives presentment for payment, demand and protest and notice of protest, and of non payment and dishonour of this Note.
(11) GOVERNING LAW
This Note will be governed by and construed in accordance with the laws of the State of New South Wales. The parties shall submit to the non-exclusive jurisdiction of the courts of the State of New South Wales, including any courts that hear appeals from those courts.
EXECUTED AS A DEED THIS..................... day of................................................
Signed Sealed and Delivered by ________:
..................................................
________
In the presence of:
................................................
Witness Signature
................................................
Witness Name
................................................
Witness Occupation
................................................
................................................
Witness Address
Signed Sealed and Delivered by ________:
..................................................
________
In the presence of:
................................................
Witness Signature
................................................
Witness Name
................................................
Witness Occupation
................................................
................................................
Witness Address
PROMISSORY NOTE
This Promissory Note, hereinafter referred to as this "Note" is entered into and made effective this................ day of................................................ 20............. by and between the following parties:
BETWEEN THE BORROWER (hereinafter "Borrower"):
________, of the following address:
________
AND THE LENDER (hereinafter "Lender"):
________, of the following address:
________
PRINCIPAL AMOUNT (hereinafter the "Principal"): $________ (________ Australian Dollars only)
FOR VALUE RECEIVED the Borrower hereby promises to pay the Principal, together with any interest due, on the Maturity Date to the Lender.
(1) MATURITY DATE
The Borrower must repay the Principal on ________ (the 'Maturity Date') together with any default interest, costs, fees, expenses or charges owing under this agreement including interest accrued at the rate of........................ % per annum.
(2) ACCELERATION OF REPAYMENT
Following the occurrence of any default by the Borrower, including failure to make any payment of Principal or interest on the date it falls due for payment, the unpaid balance of any amounts due under this Note shall become immediately due and payable.
(3) DEFAULT INTEREST
During the continuing existence of any event of default, interest shall be payable on the outstanding Principal balance of this Note at the annual rate of 7% (the "Default Rate") or if the maximum rate of interest permitted at law is less than the Default Rate, that lower permissible rate of interest.
(4) ADDITIONAL COSTS
In addition to the Principal and any interest payable under this Note, the Lender will be liable for any costs and expenses incurred by the Lender as a result of a default by the Borrower under this Note, including but not limited to any legal costs ("Expenses"). Such Expenses will be added to the Principal then outstanding and will be immediately due and payable by the Borrower.
(5) 28528825855
552 82552825 252, 8825252 2225822 25 2552525 2522282, 2522 2522522222 22 522 5885525 82225282 25 25282525822 258288258 25825 22 252 25255822 8522. 822 8585 2522522222 85588 82 5228825 2858282 22 522 5885525 82225282 525 82822582 22 252 8585282 22 522 25282525822 258288258.
(6) 88252855885 88585 888 5555882
552 28882528228 22 2585 25522 8822822 2588 52852222 58 82552825 85588 82 22822 525 8282558 525 2585 85588 82 258255882 525 58528282 885882 225 252 28882528228 822 252 525282.
(7) SEVERABILITY
If any provision of this Note is declared illegal or otherwise invalid or unenforceable, that provision shall be severed to the extent of that illegality, invalidity or unenforceability, without affecting the remaining provisions of this Note.
(8) WAIVER
The failure of the Lender to exercise any right, power or remedy available to it under this Note shall not constitute a waiver of that right power or remedy, or of any other right, power or remedy. The Lender's waiver of any right, power or remedy available to it under this Note shall not constitute a waiver of any other right, power or remedy, or of the Lender's entitlement to exercise that same right, power or remedy on a future date.
(9) WARRANTIES REGARDING LEGAL ADVICE
Each party under this Note, (which for the purposes of this clause shall be referred to as the "Warranting Party" as the context requires) hereby respectively warrants:
(a) that the Warranting Party fully understands the terms of this Note.
(b) that the Warranting Party has had the opportunity to obtain independent legal advice in relation to the matters addressed by this Note and the Warranting Party has either:
(I) taken such independent legal advice; or
(II) elected not to take such independent legal advice.
(c) that the Warranting Party has not been induced to enter this Note by any representation(s) made by the other party or by any officer, employee, director, agent, contractor, assignee, successor or other representative of the other party, except as provided in this Note.
(10) BINDING
(a) The terms set out in this Note are binding upon, and enure to the benefit of each of the heirs, executors, administrators, legal representatives, successors and assigns of the Borrower and the Lender respectively.
(b) The Borrower hereby waives presentment for payment, demand and protest and notice of protest, and of non payment and dishonour of this Note.
(11) GOVERNING LAW
This Note will be governed by and construed in accordance with the laws of the State of New South Wales. The parties shall submit to the non-exclusive jurisdiction of the courts of the State of New South Wales, including any courts that hear appeals from those courts.
EXECUTED AS A DEED THIS..................... day of................................................
Signed Sealed and Delivered by ________:
..................................................
________
In the presence of:
................................................
Witness Signature
................................................
Witness Name
................................................
Witness Occupation
................................................
................................................
Witness Address
Signed Sealed and Delivered by ________:
..................................................
________
In the presence of:
................................................
Witness Signature
................................................
Witness Name
................................................
Witness Occupation
................................................
................................................
Witness Address
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