Rs. ______________ (Face Value or Principal Note) ______________ (Date)
For value received, the undersigned _____________________________________
(“Borrower”), _________________________________________ (Address), promises to pay to the order of ____________________________________(“Lender”), at 9 AM on ___________________ (Date) at ____________________________________ (“Location”) or other place as Lender designates in writing the sum of $ _____________,
with interest on unpaid principal of 1.5% per month or 18% per year.
Unpaid principal after the Due Date shown above accrue interest at a rate of 2% per month or 24% annually, or the highest amount allowed by law, until paid.
Any payments on this Note shall first be applied against legal or collection costs until paid in full, as then may be due, and then against outstanding interest until paid in full, as then may be due, and finally applied to the outstanding principal balance.
1. Prepayment. The Borrower reserves the right to prepay this Note (in whole or in part) prior to the Due Date with no prepayment penalty….
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