Illinois Promissory Note Template
This Promissory Note (the "Note") is made in accordance with the Illinois Interest Act (815 ILCS 205/) and other applicable state laws.
Date: ________
Principal Amount: $________
Interest Rate: ________% per annum
Parties:
Lender: ________ with a mailing address of ________, ("Lender").
Borrower: ________ with a mailing address of ________, ("Borrower").
Repayment Terms:
- Repayment Type: ________ (e.g., amortized, interest only, lump sum).
- The Borrower shall repay the principal amount with interest by the due date of ________.
- Payments shall be made in the manner specified herein: ________ (detail the payment frequency and form).
Prepayment: The Borrower may prepay this Note in whole or in part at any time without penalty.
Late Fees: If any payment is more than ________ days late, a late fee of $________ will be added to the amount due.
Default: In the event of default, the Lender may demand the entire outstanding balance, including any accrued interest and late fees, to be immediately due and payable.
Governing Law: This Note shall be governed by the laws of the State of Illinois.
Signature:
Lender's Signature: ________
Borrower's Signature: ________
Date: ________