Promissory Note

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Parties and Capacity›Loan Purpose and Regulatory Classification›Governing Law and Forum…

Parties and Capacity13 questions

1. What is the borrower's full legal name?

2. Is the borrower an individual, business entity, trust, estate, or other legal person?

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3. What is the borrower's notice address?

4. Who will sign the note for the borrower?optional

5. What is the borrower signer's title, capacity, and authority source?optional

6. What is the lender's full legal name?

7. Is the lender an individual, business entity, trust, estate, or other legal person?

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8. What is the lender's notice address?

9. If lender signature, acceptance, or endorsement is required, who will sign for the lender?optional

10. What is the lender signer's title, capacity, and authority source?optional

11. Are there multiple borrowers, co-makers, accommodation parties, or jointly and severally liable obligors on this note?optional

12. Is a spouse, domestic partner, or community-property interest relevant to the borrower, guarantor, or collateral?optional

13. Will a servicer, agent, loan administrator, or payment agent act for the lender?optional

Loan Purpose and Regulatory Classification7 questions

14. What is the primary purpose of the loan?

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15. What is the specific context or purpose of this loan?

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16. Is this a consumer-purpose loan to an individual borrower?

17. Is this a business-purpose or commercial loan?

18. What is the lender's regulatory status and capacity for this loan?

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19. Is this loan between owners, officers, affiliates, family members, or related parties?

20. Was a broker, finder, loan arranger, marketplace platform, or referral source involved in arranging this loan?optional

Governing Law and Forum3 questions

21. Which state's law should govern this note?

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67. In which county should court proceedings or dispute resolution occur?optional

68. Which courts or forum should have exclusive or non-exclusive jurisdiction?optional

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Basic Note Terms11 questions

22. What date should this note be issued?

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23. Should the note become effective on a date different from the issue date?optional

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24. What is the principal amount of the loan?

25. What currency is the loan advanced and repaid in?optional

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26. When will the loan funds be advanced to the borrower?optional

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27. How will the lender advance the loan funds?optional

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28. Will the loan be funded in one advance or multiple advances?optional

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29. What consideration supports this note - new money advanced, prior debt refinanced, purchase price, settlement, or other value?optional

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30. What origination fees, commitment fees, closing costs, servicing fees, or other charges are part of this loan?optional

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31. Will fees, deposits, payoffs, or other withholdings reduce the amount actually disbursed to the borrower?optional

32. What other loan documents are part of this transaction?optional

Term and Maturity2 questions

33. Is this a demand note or a term note with a fixed maturity date?

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34. May the parties renew or extend the note at maturity by written agreement?

Interest1 question

35. Will this note bear interest?

Default and Remedies11 questions

36. What interest rate applies after default, if any?optional

55. Which events count as an event of default under this note?optional

56. Must the lender give written notice of default before exercising remedies?optional

57. What cure period applies before acceleration or other remedies?optional

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58. Should the lender be able to accelerate all unpaid amounts after default?

59. What remedies may the lender exercise after default?optional

60. Should the borrower waive presentment, demand, protest, notice of dishonor, and similar notices?optional

61. May the lender recover attorney fees incurred to collect or enforce the note?optional

62. When does the default interest rate begin to accrue, and does it continue after judgment?optional

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63. Should default notices go to additional recipients beyond the primary notice address?optional

64. What sequence of steps applies after default before the lender can enforce?optional

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Payment Terms12 questions

37. How will the loan be repaid: single payment, interest-only, installments, amortized payments, or another structure?

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38. On what day of each payment period are payments due?optional

39. Should the payment schedule amortize the principal balance over time?optional

40. Will a final balloon payment be due at maturity?optional

41. In what order should payments be applied to fees, costs, interest, default interest, and principal?optional

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42. How should the borrower deliver payments?

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43. Where should payments be sent or deposited?optional

44. If a payment due date falls on a weekend or holiday, when is payment due?optional

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45. May the lender set off amounts owed against deposits, credits, or other obligations owed to the borrower?optional

46. Is there an interest-only period before amortization of principal begins?optional

47. Should the document include an attached payment schedule showing each due date, principal, interest, and remaining balance?optional

48. What cutoff time determines whether a payment is timely, and must the lender provide receipts or payoff statements on request?optional

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Prepayment1 question

49. May the borrower prepay the note before maturity?optional

Late Payments and Returned Payments5 questions

50. What late fee applies to overdue payments?optional

51. How many days after the due date may pass before a late fee applies?optional

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52. What fee applies to a returned, dishonored, or rejected payment?optional

53. May the lender recover reasonable collection costs after default?optional

54. How is the late fee calculated - flat dollar amount, percentage of overdue payment, daily accrual, or reimbursement of actual costs?optional

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Dispute Resolution2 questions

65. Should the parties waive the right to a jury trial, where enforceable?optional

66. How should disputes be resolved?

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Security and Collateral1 question

69. Is this note secured by collateral?

Guaranty and Co-Signers1 question

70. Will any person or entity guarantee payment or co-sign the note?

Representations and Covenants5 questions

71. Should each party represent that it has authority to enter into and perform the note?optional

72. Should the borrower covenant to use loan proceeds only for the stated purpose?optional

73. Should the borrower covenant to comply with applicable law?optional

74. Must the borrower provide financial statements or other information to the lender?optional

75. Must the borrower pay taxes, assessments, and charges that could affect repayment or collateral?optional

Transfer and Negotiability7 questions

76. Should the note be drafted to preserve negotiability and holder-in-due-course protections, or should it be expressly subject to defenses and related agreements?optional

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77. Should the note include specific UCC Article 3 negotiable instrument language (unconditional promise, payable to order or bearer)?optional

78. May the lender transfer, assign, sell, or pledge this note?

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79. May the borrower assign obligations under the note without lender consent?optional

80. Must the lender notify the borrower after assigning or transferring the note?optional

81. Should the borrower agree to sign a replacement note if the original is lost, destroyed, or stolen?optional

82. Is this note subordinated to senior debt, or subject to an intercreditor agreement?optional

Notices5 questions

83. Who should receive formal notices for each party?optional

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84. What notice methods are permitted: personal delivery, courier, certified mail, email, or another method?optional

85. When is notice deemed effective for each delivery method?optional

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86. How may the lender change payment instructions, the servicer, or the notice address, and what verification is required?optional

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87. Do the parties consent to formal legal notices by email or electronic portal, and what email addresses and receipt rules apply?optional

Boilerplate7 questions

88. Must amendments, waivers, renewals, or extensions be in writing and signed?optional

89. Should failure to enforce a right be treated as a waiver?optional

90. Should remedies be cumulative and not exclusive?optional

91. Should unenforceable provisions be severed or reformed to the maximum enforceable extent?optional

92. Should the note state that it is the complete agreement for the loan, together with any listed loan documents?optional

93. Who must sign any amendment, waiver, forbearance, extension, or modification of the note?optional

94. Should the note bind and benefit the parties' successors and permitted assigns?optional

Execution8 questions

95. May the note be signed in counterparts?optional

96. May the note be signed electronically?optional

97. Will any signature need notarization?optional

98. Will any signature need witnesses?optional

99. Who will hold the original signed note?optional

100. Should each party receive a copy of the signed note?optional

101. Will there be allonges, endorsements, note powers, or wet-ink original requirements?optional

102. What must be delivered at signing or funding?optional

✓ Grounded - not a guessArti is filling the attorney's framework with your answers - it never writes the law.

Required - please read and check this box to generate:ArtiEsq provides self-help legal information and document automation. ArtiEsq is not a law firm, does not provide legal advice, and use of this product does not create an attorney-client relationship. You are responsible for reviewing the document and determining whether you should consult a licensed attorney for legal advice about your specific situation.

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