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Alabama s a sealed instrument and is made and executed under, and is in all respects governed by, the laws of: _____________________________ (State). _________________________________ (Signature of Borrower) 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 are 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 ower 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 holder's failuies 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. Borrlection, 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 United States funds. Borrower and all other partrsons who may become liable for the payment hereof severally waive demand, presentment, protest, notice of dishonor or nonpayment, notice of protest, and any and all lack of diligence or delays in colever 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 pebecome 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, which 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, f this note. 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), together with interest of _____% (Interest Rate) per year thereon from the date herein. The entire unpaid Principal and any accrued interest shall be immediately payable UPON DEMAND of any holder os) promises to pay to the order of ________________________________ (Lender), whose address is ______________________________________ (Lender's Address), the principal sum of $_____________ (PrincipalPromissory Note - On Demand Amount $ Date FOR VALUE RECEIVED, the undersigned, _______________________________ (Borrower), maintaining an address at _______________________________ (Borrower's Addresyment of the principal and interest at any time the lender requests it (i.e. upon demand of the Lender). Please note that this information is not intended as and is not a substitute for legal advice ("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 ­ On Demand requires paort 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 amount borrowedrepayment, 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 effon lends money to another person, it is generally a good idea to have some document memorializing the transaction. The document should indicate identify the parties, the amount borrowed, the time for alforms.com Information Promissory Note - On Demand 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 pers be a starting point for you and should not be used without consulting with an attorney first. [__] The purchase and use of these forms, is subject to the Disclaimers and Terms of Use found at findleg 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 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 and from state to state. It may [__] When the Borrower's obligation under the Promissory Note is satisfied (i.e. the Note is paid off), the Lender should write "Cancelled", "Satisfied in Full" or "Paid in Full" on the front face ofsory Note containing 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.romissory Note ­ On Demand; [__] The Borrower must sign and date the Promissory Note [__] Signature does normally not need to be witnessed or notarized. [__] The Lender should keep the original PromisInstructions & Checklist Promissory Note ­ On Demand [__] This package contains (1) Instructions & Checklist for Promissory Note ­ On Demand; (2) Information for Promissory Note ­ On Demand; and (3) P Alabama