Appendix G: Example of Promissory Note

• Author: Gregory Germain
• Pages: 533-533

533

APPENDIX G: Example of Promissory Note

PROMISSORY NOTE

$5,000,000.00

For value received, JOE SCHMOE, an individual with a principal place of business at E.I.

White Hall, Suite 144(i), Syracuse, New York 13244-1030 (the “Maker”), by this Promissory Note

unconditionally promises to pay to BIG HEARTED BANK, a New York Corporation having its

principal place of business at 1 Erie Street, Syracuse, New York 10030 (the “Holder”) the principal

sum of FIVE MILLION DOLLARS ($5,000,000.00) plus interest thereon, at a rate per annum

equal to TWENTY FIVE PERCENT per cent (25%) per annum, all as further specified below.

Maker shall pay One Million annual installments of interest and principal of $25.00 per

year, payable on the first day of each year, until all principal and interest have been paid in full.

If Maker fails to make payment of any part of principal or interest when due, at the sole

option of Holder and without notice, the whole sum of principal and interest shall become

immediately due and payable.

Maker hereby waives diligence, demand, protest, presentment, notice of dishonor or any

other notice or demand whatsoever.

If the indebtedness evidenced by this Promissory Note is collected by or through an

attorney, the Holder shall be entitled to recover reasonable attorney's fees to the extent permitted

by applicable law.

This Promissory Note shall be governed by, and construed in accordance with, the laws of

the State of New York, United States of America.

IN WITNESS WHEREOF, the Maker has duly executed this Promissory Note as of

January 12, 2015.

___________________________

Joe Schmoe