Promissory Note - Line of Credit

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This Promissory Note- Line of Credit is between a borrower and a lender who extends credit in exchange for monthly payments. This Promissory Note accompanies and becomes a part of a Line of Credit Agreement.

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This Promissory Note (Line of Credit) is between a borrower and a lender who extends a line of credit to the borrower in exchange for monthly payments. This legally binding document sets out the terms of the note including the principal amount, monthly payments and when the note is due and payable. It also sets out the interest rate and contains a prepayment provision. A written Promissory Note is imperative in any situation and will prove valuable in the event of default or disagreements between the parties about repayment terms. This Promissory Note accompanies and becomes a part of a Line of Credit Agreement.

This Promissory Note (Line of Credit) contains the following provisions:
  • Promissory Note Information: Names of both the borrower and lender, the amount of the note, place of issue and signing date;
  • Monthly Payments: Amount of monthly payment and the maturity date of the note;
  • Prepayment: Borrower may prepay the promissory note at any time without incurring a penalty;
  • Default: Specifies the terms under which a default has occurred;
  • Signatures: Borrower and lender must sign and date the note.

Protect your rights and your property by purchasing this attorney-prepared form.

This attorney-prepared package includes:
  1. General Information
  2. Instructions and Checklist
  3. Promissory Note (Line of Credit)
State Law Compliance: This form complies with the laws of all states
Number of Pages6
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#43507
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.














Promissory Note
(Line of Credit)










This Packet Includes:
1.  General Information
2.  Instructions and Checklist
3.  Promissory Note - Line of Credit  











General Information
Promissory Note - Line of Credit

This Promissory Note - Line of Credit is between a borrower and a lender who extends a line of credit to the borrower in exchange for monthly payments.  This legal document sets out the terms of the promissory note including the principal amount, amount of monthly payments and when the note is due and payable.  It also sets out the monthly rate of interest and contains a prepayment provision.   

This Promissory Note - Line of Credit clearly sets out the agreement between the borrower and lender and will accompany and becomes a part of a Line of Credit Agreement.  Having a written Promissory Note is imperative in the event of default or disagreements between the parties regarding  the line of credit terms.

  



Instructions and Checklist


Promissory Note - Line of Credit

   The parties should read the document carefully.

   Insert all requested information in the spaces provided on the form.

     This form contains the basic terms and language that should be included in similar agreements.   

     This promissory note must be signed by both the borrower and the lender.

   The parties should retain either an original or copy of the signed promissory note.

   All legal documents should be kept in a safe location such as a fireproof safe or safe deposit box.  




   




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PROMISSORY NOTE
 (LINE OF CREDIT)

$ __________________                Place: ________________________                        Date: _________________________

This Promissory Note (the "NOTE") is made and executed as of the date referred to above, by and between ____________, a _______________________ corporation (the "BORROWER"), and _________________ ("LENDER"). By this Note, the Borrower promises and agrees to pay to the order of Lender, at [______________________] at such other place as Lender may designate in writing, the principal sum of __________ and _______ Dollars ($__________), or the aggregate unpaid principal amount of all advances made by Lender to Borrower pursuant to the terms of a Line of Credit Agreement (the "LOAN AGREEMENT") of even date herewith, whichever is less, together with interest thereon from the date each advance is made until paid in full, both before and after judgment, at the rate of 10 percent (10%) per annum, simple interest.

Borrower shall pay accrued interest on the outstanding principal balance under the Note on a monthly basis commencing on _________, and continuing on the fifteenth day of each month thereafter until paid in full. The entire unpaid principal balance, together with any accrued interest and other unpaid charges or fees hereunder, shall be due and payable on _________. (the "MATURITY DATE").

Prepayment in whole or part may occur at any time hereunder without penalty; provided that the Lender shall be provided with not less than ten (10) days notice of the Borrower's intent to pre-pay; and provided further that any such partial prepayment shall not operate to postpone or suspend the obligation to make, and shall not have the effect of altering the time for payment of the remaining balance of the Note as provided for above, unless and until the entire obligation is paid in full. All payments received hereunder shall be applied, first, to any costs or expenses incurred by Lender in collecting such payment or to any other unpaid charges or expenses due hereunder; second, to accrued interest; and third, to principal.

An event of default will occur if any of the following events occurs: (a) failure to pay any principal or interest hereunder within ten (10) days after the same becomes due; (b) if any representation or warranty made by Borrower in the Loan Agreement or in connection with any borrowing or request for an advance thereunder or in any certificate, financial statement, or other statement furnished by Borrower to Lender is untrue in any material respect at the time when made; (c) default by Borrower in the observance or performance of any other covenant or agreement contained in the Loan Agreement, other than a default constituting a separate and distinct event of default under Paragraph 7 of the Loan Agreement; (d) filing by Borrower of a voluntary petition in bankruptcy seeking reorganization, arrangement or readjustment of debts, or any other relief under the Bankruptcy Code as amended or under any other insolvency act or law, state or federal, now or hereafter existing; or (e) filing of an involuntary petition against Borrower in bankruptcy seeking reorganization, arrangement or readjustment of debts, or any other relief under the Bankruptcy Code as amended, or under any other insolvency act or law, state or federal, now or hereafter existing, and the continuance thereof for sixty (60) days undismissed, unbonded or undischarged.

Any notice or demand to be given to the parties hereunder shall be deemed to have been given to and received by them and shall be effective when personally delivered or when deposited in the U.S. mail, certified or registered mail, return receipt requested, postage prepaid, and addressed to the party at his or its last known address, or at such other address as the one of the parties may hereafter designate in writing to the other party.

The Borrower hereof waives presentment for payment, protest, demand, notice of protest, notice of dishonor, and notice of nonpayment, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time by the Lender without in any way affecting its liability hereunder.

In the event any payment under this Note is not made at the time and in the manner required, the Borrower agrees to pay any and all costs and expenses which may be incurred by the Lender hereof in connection with the enforcement of any of its rights under this Note or under any such other instrument, including court costs and reasonable attorneys' fees.

This Note shall be governed by and construed and enforced in accordance with the laws of _______________________.

BORROWER                  LENDER


By:  ________________________________      By:  ________________________________
Title: _______________________________      Title: _______________________________
Date: _______________________________      Date: _______________________________




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