Legal & declarations
Promissory note template (US)
A general template under US law. Laws differ from state to state, so check it against your state's law or with a lawyer licensed there. We are not a law firm and do not give legal advice.
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Preview — US standard
Promissory Note
Amount: $Principal Amount
Date: Note Date
Place: City and State
For value received, Borrower Name, of Borrower Address ("Maker"), promises to pay to the order of Lender Name, of Lender Address ("Holder"), the principal sum of $Principal Amount, with interest on the unpaid balance at Annual Interest Rate% per year, as follows.
1. Payment
Payment Schedule, with the entire remaining balance due on Maturity Date. Payments are to be made at Place of Payment, and go first to accrued interest and then to principal.
2. Prepayment
Maker may prepay all or part of this Note at any time without penalty.
3. Maximum Rate
If interest would exceed the highest rate the law allows, the rate is reduced to that rate, and any excess is applied to principal.
4. Default
If any payment is not made within Grace Days days after it is due, Holder may declare the entire unpaid balance due. Maker will pay reasonable costs of collection, including attorney's fees, as far as the law allows.
5. Waivers
To the extent the law allows, Maker waives presentment, demand, protest and notice of dishonor. A delay by Holder in enforcing a right does not waive it.
6. Governing Law
This Note is governed by the laws of the State of Governing State.
Maker: Maker Signature
Printed name: Maker Printed Name