Nevada Promissory Note Template
This Promissory Note (hereafter referred to as "Note") is designed to comply with the relevant provisions of Nevada law and outlines the agreement into which the Borrower and Lender enter concerning the borrowing of money. The Note includes the terms under which the loan will be repaid. This document is legally binding and requires both parties to adhere to its terms to ensure a straightforward and amicable resolution to financial transactions.
Date: _________
Borrower's Name: _________
Borrower's Address: _________
Lender's Name: _________
Lender's Address: _________
Principal Amount: $_________
Interest Rate (Annual): _________%
Repayment Agreement
This Note shall be repaid in accordance with the following terms:
- Repayment Start Date: _________
- Repayment Frequency: _________ (e.g., monthly, quarterly)
- Amount per Payment: $_________
- Final Payment Due Date: _________
Interest
The unpaid principal balance shall accrue interest at the yearly rate specified. Interest shall be calculated on a 365-day year, considering the actual number of days elapsed.
Prepayment
The Borrower reserves the right to prepay this Note (in whole or in part) prior to the Final Payment Due Date without incurring any prepayment penalties. All prepayments shall first be applied to outstanding late fees, if any, then to accrued interest, and finally to the principal loan amount.
Late Fees
If a payment is more than 15 days late, a late fee of $_________ will be applied.
Default
In the event of default by the Borrower, not cured within 15 days after written notice thereof from the Lender, the entire outstanding balance, including accrued interest and any late fees, will become immediately due and payable at the Lender's option.
Governing Law
This Note shall be governed under the laws of the State of Nevada without regard to its conflict of law provisions.
Signatures
Both parties acknowledge that they understand and agree to all terms outlined in this Note by their signatures below:
Borrower's Signature: _________________ Date: ___________
Lender's Signature: _________________ Date: ___________
