Family Promissory Note Generator

PROMISSORY NOTE Principal Amount: [Loan Amount] First Payment Date: July 2, 2026 Governing State: Texas 1. PROMISE TO PAY. For value received, the undersigned borrower, [Borrower Name] (the "Borrower"), hereby promises to pay to the order of [Lender Name] (the "Lender"), the principal sum of [Loan Amount] together with interest accrued on the unpaid principal balance at an annual interest rate of 3%. 2. REPAYMENT TERMS. The Borrower shall repay the principal and interest of this loan in equal monthly installments of [Payment Amount]. Payments shall commence on July 2, 2026 and shall continue for a term of 36 months, with the final payment due on or before the end of the term. 3. PREPAYMENT. The Borrower reserves the right to prepay this Note, in whole or in part, at any time prior to maturity without penalty or premium. Any prepayment shall be applied first to accrued interest and then to the outstanding principal balance. 4. LATE FEE & GRACE PERIOD. If any payment is not received within 15 days of its due date, the Borrower shall pay a late fee equal to 5% of the overdue installment amount, or the maximum amount permitted by governing law. 5. DEFAULT & ACCELERATION. Upon the occurrence of any event of default (including failure to make any installment payment when due), the Lender may, at their option, declare the entire outstanding principal and accrued interest under this Note to be immediately due and payable. 6. GOVERNING LAW. This Note shall be governed by, and construed in accordance with, the laws of the State of Texas. IN WITNESS WHEREOF, the Borrower and Lender have executed this Promissory Note as of the date first written above. Borrower Signature: _______________________ Date: ___________ Name: [Borrower Name] Lender Signature: _________________________ Date: ___________ Name: [Lender Name]