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Promissory Note

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Indicate the province or territory in which this agreement is created. This determines the laws applicable to the agreement.

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PROMISSORY NOTE
(Alberta)

Amount: $________

Date: ________

FOR VALUE RECEIVED, the undersigned borrower,________, having a primary address at the following:

________

(hereinafter the "Borrower")

hereby promises to pay the lender, ________, having a primary address at the following:

________

(hereinafter the "Lender")

the sum of $________ (________) ("Principal Amount") with interest at the rate of ________% per annum ("Interest") on the unpaid principal in accordance with the terms and conditions set forth below.


1. Terms of Repayment

General Repayment: The Principal Sum plus all accrued interests will be paid back in full on ________ ("Due Date"). The Borrower shall ensure that the entirety of the Principal Sum and all interests will be returned by the Due Date.

The Borrower shall pay back the Lender by cheque sent to the address of the Lender specified above.

Past Due Interest: If the Due Date passes and the entirety of the Principal Sum with accrued interest has not been paid back, a higher interest rate of ________% per annum on the unpaid amount will be charged until all the funds owing are recouped in full.


2. Default

The following events constitute default of this Promissory Note and upon their occurrence, the entirety of any remaining amount due shall become immediately payable:

a) The Borrower's insolvency;

b) The Borrower's death, incompetency; liquidation, or dissolution;

c) The Borrower's making of a general assignment for the benefit of Borrower's creditors;

d) The Borrower's filing of any bankruptcy proceedings; or

e) Any application for the appointment of a receiver for the Borrower.


3. Collections costs

Should the Borrower default on completing any obligation contained within this Promissory Note, including, but not limited to, if any of the circumstances in the Default provision occur, the Lender may declare the entire amount remaining due immediately. Any and all costs or expenses incurred by the Lender in enforcing the obligations of this Promissory Note as a result of the Borrower's default, including any legal fees or costs, will be added to the remaining amount due and must be paid immediately by the Borrower.


4. Security

This Promissory Note is secured by the following collateral ("Collateral"):

________

Until this Promissory Note is paid in full, Borrower grants Lender a security interest in the Collateral. Borrower hereby agrees to list Lender as a lender on the title of the Security, regardless of Lender's choice to perfect the security interest.

If the Borrower defaults on this Promissory Note and does not make payment for seven (7) days after it is demanded by Lender, the Collateral will revert to Lender and all rights in the ownership of such Collateral will belong to Lender.


5. Governing Law

This Promissory Note will be governed exclusively in accordance with the laws of the province of Alberta, and the laws of Canada in effect in the province of Alberta.


6. 528255888822

552 2552828 58222882522 2552 82 5 5882522 8228222 252 2552828 558828 252 22 2588 2522888252 8222 25 252 8582282 252225 22 2588 2522888252 8222, 2522 82585 8522 252 82552 22 822252522 252 2522888252 8222 58 2288288:

5) 8825 5282282 22 522 252888822 2552 82 52858 5222225825882, 82 225822822 2552 252888822 22 252 2828252 252222 228288552 22 2522 82 22225825882, 25 82 2552 225828852822 88 222 225282225 82 858, 82 588522555822 2552 252888822;

8) 82 52 5222225825882 252888822 88 22582825 25 58852255525 82 5882555282 8825 252 2528222 8282822, 82 5285822 2552 252 5282 22 252 2522888252 8222 8888 522582 82 222282 58 8582222;

c) by holding that any unenforceable provision will remain as written in any circumstances other than those in which the provision is held to be unenforceable;

d) if modifying or disregarding the unenforceable provision would result in a failure of an essential purpose of this Promissory Note, by holding the entire Promissory Note unenforceable.


7. Amendement

This Promissory Note may only be amended in writing signed by both Parties.


8. Assignment

This Promissory Note, or the rights granted hereunder, may be assigned, sold, leased or otherwise transferred in whole or part by the Lender.


9. Binding

This Promissory Note will inure to the benefit of and be binding upon the respective successors, assigns, heirs, executors and/or administrators of the Borrower.



BORROWER

Name: ________

Signature: _________________________

Date: _____________________________

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PROMISSORY NOTE
(Alberta)

Amount: $________

Date: ________

FOR VALUE RECEIVED, the undersigned borrower,________, having a primary address at the following:

________

(hereinafter the "Borrower")

hereby promises to pay the lender, ________, having a primary address at the following:

________

(hereinafter the "Lender")

the sum of $________ (________) ("Principal Amount") with interest at the rate of ________% per annum ("Interest") on the unpaid principal in accordance with the terms and conditions set forth below.


1. Terms of Repayment

General Repayment: The Principal Sum plus all accrued interests will be paid back in full on ________ ("Due Date"). The Borrower shall ensure that the entirety of the Principal Sum and all interests will be returned by the Due Date.

The Borrower shall pay back the Lender by cheque sent to the address of the Lender specified above.

Past Due Interest: If the Due Date passes and the entirety of the Principal Sum with accrued interest has not been paid back, a higher interest rate of ________% per annum on the unpaid amount will be charged until all the funds owing are recouped in full.


2. Default

The following events constitute default of this Promissory Note and upon their occurrence, the entirety of any remaining amount due shall become immediately payable:

a) The Borrower's insolvency;

b) The Borrower's death, incompetency; liquidation, or dissolution;

c) The Borrower's making of a general assignment for the benefit of Borrower's creditors;

d) The Borrower's filing of any bankruptcy proceedings; or

e) Any application for the appointment of a receiver for the Borrower.


3. Collections costs

Should the Borrower default on completing any obligation contained within this Promissory Note, including, but not limited to, if any of the circumstances in the Default provision occur, the Lender may declare the entire amount remaining due immediately. Any and all costs or expenses incurred by the Lender in enforcing the obligations of this Promissory Note as a result of the Borrower's default, including any legal fees or costs, will be added to the remaining amount due and must be paid immediately by the Borrower.


4. Security

This Promissory Note is secured by the following collateral ("Collateral"):

________

Until this Promissory Note is paid in full, Borrower grants Lender a security interest in the Collateral. Borrower hereby agrees to list Lender as a lender on the title of the Security, regardless of Lender's choice to perfect the security interest.

If the Borrower defaults on this Promissory Note and does not make payment for seven (7) days after it is demanded by Lender, the Collateral will revert to Lender and all rights in the ownership of such Collateral will belong to Lender.


5. Governing Law

This Promissory Note will be governed exclusively in accordance with the laws of the province of Alberta, and the laws of Canada in effect in the province of Alberta.


6. 528255888822

552 2552828 58222882522 2552 82 5 5882522 8228222 252 2552828 558828 252 22 2588 2522888252 8222 25 252 8582282 252225 22 2588 2522888252 8222, 2522 82585 8522 252 82552 22 822252522 252 2522888252 8222 58 2288288:

5) 8825 5282282 22 522 252888822 2552 82 52858 5222225825882, 82 225822822 2552 252888822 22 252 2828252 252222 228288552 22 2522 82 22225825882, 25 82 2552 225828852822 88 222 225282225 82 858, 82 588522555822 2552 252888822;

8) 82 52 5222225825882 252888822 88 22582825 25 58852255525 82 5882555282 8825 252 2528222 8282822, 82 5285822 2552 252 5282 22 252 2522888252 8222 8888 522582 82 222282 58 8582222;

c) by holding that any unenforceable provision will remain as written in any circumstances other than those in which the provision is held to be unenforceable;

d) if modifying or disregarding the unenforceable provision would result in a failure of an essential purpose of this Promissory Note, by holding the entire Promissory Note unenforceable.


7. Amendement

This Promissory Note may only be amended in writing signed by both Parties.


8. Assignment

This Promissory Note, or the rights granted hereunder, may be assigned, sold, leased or otherwise transferred in whole or part by the Lender.


9. Binding

This Promissory Note will inure to the benefit of and be binding upon the respective successors, assigns, heirs, executors and/or administrators of the Borrower.



BORROWER

Name: ________

Signature: _________________________

Date: _____________________________