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Promissory Note-For Open Account Debt
PROMISSORY NOTE-FOR OPEN ACCOUNT DEBT
In consideration of value received, the undersigned Borrower promises to pay [Name of Lender] the amount of [Amount of the Note], along with interest accrued on such amount at [Interest on the Note] percent per annum. Payments are to be made in the following fashion:
[Description of how payment will be made]
This Note may be paid in full without penalty charges. In case of any default on this Note or its terms, Lender may demand payment in full of the balance, with accrued interest. Furthermore, Borrowers agree to pay all reasonable expenses associated with collection costs in such case.
This Note evidences an existing indebtedness due Lender by the Borrowers on an open account balance as of this date, and this Note shall not be considered a separate obligation.
Borrower Date
Borrower Date
Witness Date