PROMISSORY NOTE
| LOAN AMOUNT | : | 180056 | |
| Branch Name | : | Somolu | |
| Loan Account No | : | 4000008 | |
| EMI Per Month | : | 16507.53 | |
| Customer Id | : | 62 | |
| Customer Name | : | Mr David Daudu | |
| Customer Address | : | 18, Market street |
FOR VALUE RECEIVED, the undersigned,(the "Maker"),hereby promises to pay to the order of
Cooperative Links (Demo) ("Payee"), the principal sum of =NGN= 180056 Pursuant to the terms and conditions set forth herein.
PAYMENT OF PRINCIPAL,The principal amount of this Promissory Note
(the "Note") and any accrued but unpaid interest shall be due and payable in 12(NUMBER OF PAYMENTS) (CIRCLE ONE: equal monthly installments / equal quarterly installments / payments as described below) beginning (19-09-18).All payments under this Note shall be applied first to accrued but unpaid interest, and next to outstanding principal.If not sooner paid, the entire remaining indebtedness (including accrued interest) shall be due and payable on (19-09-18)
INTEREST.This Note shall bear interest, compounded annually, at 18% (ANNUAL INTEREST RATE) percent.
PREPAYMENT.The Maker shall have the right at any time and from time to time to prepay this Note in whole or in part without premium or penalty.
REMEDIES. No delay or omission on part of the holder of this Note in exercising any right hereunder shall operate as a
waiver of any such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion
be deemed a bar to or waiver of the same or any other right on any future occasion. The rights and remedies of the
Payee shall be cumulative and may be pursued singly, successively, or together, in the sole discretion of the Payee.
EVENTS OF ACCELERATION.
,The occurrence of any of the following shall constitute an
"Event of Acceleration" by Maker under this Note:(a)Maker's failure to pay any part of the principal or interest as and when due under this Note; or
(b)
Maker's becoming insolvent or not paying its debts as they become due
ACCELERATION. Upon the occurrence of an Event of Acceleration under this Note, and in addition to any other rights
and remedies that Payee may have, Payee shall have the right, at its sole and exclusive option, to declare this Note
immediately due and payable
SUBORDINATION.
The Maker's obligations under this Promissory Note are subordinated to all indebtedness, if any, of Maker, to any unrelated third party lender to the extent such indebtedness is outstanding on the date of this Note and such subordination is required under the loan documents providing for such indebtedness.
WAIVERS BY MAKER.
All parties to this Note including Maker and any sureties, endorsers, and guarantors hereby
waive protest, presentment, notice of dishonor, and notice of acceleration of maturity and agree to continue to remain
bound for the payment of principal, interest and all other sums due under this Note notwithstanding any change or
changes by way of release, surrender, exchange, modification or substitution of any security for this Note or by way of
any extension or extensions of time for the payment of principal and interest; and all such parties waive all and every
kind of notice of such change or changes and agree that the same may be made without notice or consent of any of
them
EXPENSES.
In the event any payment under this Note is not paid when due, the Maker agrees to pay, in addition to the principal and interest hereunder, reasonable attorneys' fees not exceeding a sum equal to 15% of the then outstanding balance owing on the Note, plus all other reasonable expenses incurred by Payee in exercising any of its rights and remedies upon default.
GOVERNING LAW
This Note shall be governed by, and construed in accordance with, the laws of the State of
Lagos State Cooperative Law
.
SUCCESSORS
All of the foregoing is the promise of Maker and shall bind Maker and Maker's successors, heirs and assigns; provided, however, that Maker may not assign any of its rights or delegate any of its obligations hereunder
| Installment No | EMI date | Outstanding Principal | EMI | Principal | Interest | Outstanding |
|---|---|---|---|---|---|---|
| 1 | 19-09-2018 | 180056 | 16507.53 | 15530.79 | 976.74 | 164525.21 |