Canadian Promissory Note Draft

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Promissory Note

(Herein after referred to as the "Lender")

(Herein after referred to as the "Borrower")
  1. Promise to Pay
    IN RETURN FOR VALUE RECEIVED, the Borrower promises to pay to the Lender the total amount of $____________ USD, together with interest payable on the unpaid principal at the rate of ____________ percent per annum, compounded ____________.
    The payment will be delivered to the Lender at ____________ or such other address as may later be agreed upon by the parties.
  2. Repayment
    The amount owed under this Promissory Note will be repaid in full, as well as accrued interest thereon, if any, , .
  3. Additional Costs
    If the Borrower defaults in payment, the Borrower shall pay all costs and expenses incurred by the Lender, including all reasonable legal costs, for the purpose of collection of this Promissory Note, and including reasonable collection charges should collection be referred to a collection agency. These costs will be added to the outstanding principal and will become immediately due.
  4. Modification
    No modification or waiver of any of the terms of this Agreement shall be allowed unless by written agreement signed by both parties. No waiver of any breach or default hereunder shall be deemed a waiver of any subsequent breach or default of the same or similar nature.
  5. Binding Effect
    Except as otherwise provided in this Agreement, all of the covenants, conditions, and provisions of this Promissory Note shall be binding upon the parties hereto and their respective heirs, personal representatives executors, administrators, successors, and assigns.
  6. Breach of Promissory Note
    The parties acknowledge that no breach of any provision of the Promissory Note shall be deemed waived unless evidenced in writing. A waiver of any one breach shall not be deemed a waiver of any other breach of the same or any other provision of the Promissory Note.
  7. Amendment of Promissory Note
    This Promissory Note may be amended or modified only by way of written agreement duly executed by the Lender and Borrower of this Promissory Note.
  8. Severability
    Should any conflicts arise between any party of this Agreement and the applicable legislation of the Province of , the Provincial Laws will prevail and such provisions of the Agreement will be amended or deleted as necessary in order to comply with the Provincial Laws. Furthermore, any provisions that are required by Provincial Laws may be subsequently incorporated into this Agreement.
  9. Headings
    Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement.
  10. Governing Law
    This Promissory Note will be construed in accordance with and governed by the laws of the Province of ____________.
    The parties hereby indicate by their signatures below that they have read and agree with the terms and conditions of this Agreement in its entirety.
    Lender: ____________
    Signature: _________________________________
    Borrower: ____________
    Signature: _________________________________