SECURED PROMISSORY NOTE
1. This Note is made on between PARTY_1_NAME (the Borrower), of PARTY_1_ADDRESS_SINGLE_LINE and PARTY_2_NAME(the Lender), of PARTY_2_ADDRESS_SINGLE_LINE.
2. The Lender promises to pay to the Borrower the principal sum of CURRENCY AMOUNT together with any interest on it in accordance with the Conditions endorsed on this Note.
3. This Note is issued subject to the Conditions endorsed on it which form part of it.
4. This Note and the Conditions endorsed on it shall be construed in accordance with and governed by the laws of JURISDICTION_COUNTRY.
1. Repayment of the Note
1.1 The Borrower shall repay to the Lender:
1.2 This Note shall be repaid in full on DUE_DATE. Payments shall be first credited any late fees due, then to interest due and any remainder will be credited to principal.
1.3 In case of prepayment, the Borrower may pre-pay this Note without penalty.
1.4 Once the Principal Amount, plus all accrued but unpaid interest thereon, has been paid in full, all obligations under this Note will immediately and automatically terminate, and the Lender will promptly surrender this Note to the Borrower for cancellation.
No interest shall be payable on the Notes (subject to Condition 4.3).
3. Late Payment
3.1 If any amount in respect of any of the Notes is not repaid on the due date for payment under the Conditions of this Note, interest shall start to be payable by the Borrower on such amount at a rate of DEFAULT per cent per annum above the base rate until the Lender is no longer in default.
3.2 If the Borrower is in default under this Note and fails to make any payment owed and such default is not cured within 7 days after written notice of such default, then Lender may, at its option, shall declare all outstanding sums owed on this Note to be immediately due and payable, in addition to any other rights or remedies that Lender may have under the applicable law.