PROMISSORY NOTE
This promissory note is made on _______________ by and between OLD TOWN
POOL (hereinafter referred to as the “Borrower”) and ERIKA HILTON WITZ (hereinafter
referred to as the “Lender”). Together referred to as “Parties”.
WHEREAS parties agree to be legally bound by the following terms and conditions; –
1. Loan.
The agreed loan amount secured by the borrower is $30,000, the receipt of which is
hereby acknowledged.
2. Currency.
Parties agree that the loan amount received and to be repaid shall be in the currency of
United States Dollars.
3. Due date.
The full amount shall be due within four (4) months from the date of signing hereof.
4. Installment.
The loan amount shall be paid in four (4) installments of $9,000 per month.
5. Default.
After maturity or failure to make any payment, the unpaid principal shall accrue interest
at _____%.
6. Pre-payment.
The borrower may prepay all or part of the balance owed under this Note at any time
without any penalty.
7. Waiver.
No failure or delay by the Lender in exercising their rights under this Note shall be a
waiver of such rights.
8. Severability.
If any clause or any other portion of this Note shall be determined to be void or
unenforceable for any reason, such determination shall not affect the validity or
enforceability of any other clause or portion of this Note, all of which shall remain in full
force and effect.
Each Maker executes this Note as a principal and not as a surety; –
Signed by the Borrower; –
Name:
______________________________
Signature:
___________________________
Date:
_______________________________
Signed by the Lender; –
Name:
______________________________
Signature:
___________________________
Date:
_______________________________
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