Date: August 30, 2024
City: Mumbai
State: Maharashtra
Property Address: 123 Main Street, Mumbai, Maharashtra, India
BORROWER’S PROMISE TO PAY
In consideration of the loan of INR 5,000,000 received, I, Rajesh Kumar, residing at 456 Elm Road, Mumbai, Maharashtra, India, promise to pay India Rs. 5,000,000 (the “Principal”), with interest, to the order of the Lender. The Lender is Capital Finance Ltd., 789 Finance Building, Mumbai, Maharashtra, India. Payments will be made in cash, check, or money order. The Lender may transfer this Note, and any transferee entitled to receive payments is known as the “Note Holder.”
INTEREST
Interest will accrue on the unpaid principal until the full amount is repaid, at an annual rate of 7.5%. This rate applies both before and after any default as described in Section 6(B).
- PAYMENTS
(A) Time and Place of Payments
Monthly payments of principal and interest will be made starting on the 5th day of each month, beginning on October 5, 2024. Payments will be made at Capital Finance Ltd., 789 Finance Building, Mumbai, Maharashtra, India, or as directed by the Note Holder. The full balance is due on the “Maturity Date” of September 5, 2044.
(B) Amount of Monthly Payments
Monthly payments will amount to India Rs. 39,500.
- BORROWER’S RIGHT TO PREPAY
I may prepay the principal at any time without penalty by notifying the Note Holder in writing. Prepayments will reduce the principal owed, though the Note Holder may apply them first to accrued and unpaid interest.
- LOAN CHARGES
If any law limits the loan charges, such charges will be adjusted to comply with the legal limits, and any excess collected will be refunded. This refund may be applied to reduce the principal or paid directly to me.
- BORROWER’S FAILURE TO PAY AS REQUIRED
(A) Late Charge for Overdue Payments: A late charge of 2% will apply if a payment is not received within 15 days of the due date.
(B) Default: Failure to pay the full amount on time constitutes a default.
(C) Notice of Default: In case of default, the Note Holder may require immediate full repayment of Principal and accrued interest after providing a written notice, allowing at least 30 days for remedy.
(D) No Waiver by Note Holder: Failure to enforce immediate repayment in case of default does not waive the Note Holder’s right to enforce it later.
(E) Payment of Note Holder’s Costs and Expenses: The Note Holder is entitled to recover all costs and expenses related to enforcing this Note, including reasonable attorneys’ fees.
- GIVING OF NOTICES
Notices to me will be delivered or mailed to 456 Elm Road, Mumbai, Maharashtra, India, or a different address if notified. Notices to the Note Holder will be delivered or mailed to 789 Finance Building, Mumbai, Maharashtra, India, or a different address if notified.
- OBLIGATIONS OF PERSONS UNDER THIS NOTE
Each person who signs this Note is fully responsible for all obligations, including payment of the full amount owed. Guarantors, sureties, and endorsers are equally bound. The Note Holder may enforce this Note against any or all signatories.
- WAIVERS
I and any other signatories waive the rights of Presentment and Notice of Dishonour.
- UNIFORM SECURED NOTE
This Note is a uniform instrument with limited variations. A Mortgage, Deed of Trust, or Security Deed (the “Security Instrument”) dated the same as this Note secures the Note Holder against losses. If the Property is sold or transferred without the Lender’s consent, immediate repayment may be required. Notice of acceleration will be provided, and if the amount is not paid within 30 days, the Lender may invoke remedies without further notice.
WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED.
______________________________________ (Seal)Rajesh Kumar (Borrower)
____________________________(Seal) [Co-Borrower’s Name] (Co-Borrower)
_________________________________(Seal) [Guarantor’s Name] (Guarantor)
