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Promissory Note (Ontario)
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PROMISSORY NOTE
For value received, I, ______, of ______ (the “borrower”), promise to pay to ______, of ______ (the “lender”), or to the lender's order, the principal sum of ______ in Canadian dollars, with any interest set out below, on these terms:
Interest. The principal bears ______.
Repayment. The borrower will repay this note ______.
Place of payment. Payments are to be made to the lender as follows: ______, or in any other way the lender directs in writing.
Prepayment. The borrower may prepay all or part of the amount owing at any time without notice, bonus or penalty.
Default. The borrower is in default if any payment is not made within ______ days after it is due, or if the borrower becomes bankrupt or insolvent.
Acceleration. If the borrower is in default, the lender may, by written notice to the borrower, declare the whole unpaid principal and interest due and payable at once.
Waiver. The borrower gives up any right to presentment for payment, notice of dishonour and protest of this note.
Governing law. This note is governed by the laws of the Province of Ontario and the federal laws of Canada that apply in Ontario.
Signed at ______________________, Ontario, on ______________________.
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