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Example of Promisory Note for Loan with Arbitration Provision

What follows is a some free legal information regarding the above titled matter for educational and discussion purposes only. This is not to be used in all matters or cases, and each matter or case is different. What follows is for discussion purposes only and should not be used in any particular matter or case. It is an example from what has been used in another matter or case, and will like not apply to someone else's matter or case.

PROMISSORY NOTE

$________________(amount lent or owed)

Date: _______________

("Payor") (name of person or entity paying - if more than one person is liable, state after names "jointly and severely")

after date, and for value received, Payor promises to pay to ____________________________________ ("Holder") (name of person or entity who will receive the money) or order

at __________________________________________(address of Holder to deliver the money to)

the sum of ___________________________________________________Dollars with interest from ________________________________ (date interest will start) until paid, at the rate of ________________ per cent, per annum (NOTE BE CERTAIN TO CONSULT WITH AN ATTORNEY TO ADVISE ON USURY LAWS AND THE AMOUNT OF ALLOWABLE INTEREST AND THE PENALTIES FOR CHARGING INTEREST HIGHER THAN WHAT IS ALLOWD.  Note that this is simple interest unless otherwise stated), payable $________________________ per month (insert the amount of the monthly payments ) beginning _________________, insert the date the first monthly payment is due)

Should interest not be so paid, it shall thereafter bear like interest as the principal, but such unpaid interest so compounded shall not exceed an amount equal to simple interest on the unpaid principal at the maximum rate permitted by law. Should default be made on the payment of any installment of principal or interest when due, the whole sum of principal and interest shall become immediately due and payable at the option of Holder of this note. Should suit be commenced or an attorney employed to enforce the payment of this note, Payor agrees to pay such additional sum as the court may adjudge reasonable as attorney's fees in said suit. Principal and interest payable in lawful money of the United States.

Should any controversy arise as a result of, or connected to, or related to this instrument or to any agreement related or connected with this instrument between the parties and/or their affiliates then they each hereby agree to have the matter decided by Binding Arbitration by the American Arbitration Association, in _______________, California. Notwithstanding the above, any party to this instrument may seek and obtain prejudgment remedies, such as a prejudgment writ of attachment and by so doing does not waive the party's right to have all other matters submitted to binding arbitration. All rights of discovery allowed by law may be utilized as if the action had been filed in the California Superior Court. The prevailing party in any arbitration or court action arising out of, or connected to, or related to this instrument, shall be entitled its attorney's fees and costs. The substantive and procedural laws of the State of California shall govern the arbitration.

____________________________________________________

____________________, Payor

(The person or entity obligated to pay must sign above, and print or type the name of the person under the signature)

_____________________

The undersigned Holder agrees to those provisions above which are obligation of Hoder

__________________________, Holder

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L. Scott Karlin

L. Scott Karlin

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David E. Karlin

David E. Karlin

David E. Karlin is a California attorney with a primary focus on business and real estate, including law and legal issues...

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Michael J. Karlin

Michael J. Karlin

Michael J. Karlin is a Southern California based attorney whose practice primarily focuses on Entertainment Law. Michael began...

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