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Promissory Note + Stock Conversion

Promissory Note + Stock Conversion

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Published by SAtAN
"legal letter template"
"legal letter template"

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Published by: SAtAN on Sep 29, 2008
Copyright:Attribution Non-commercial

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01/04/2012

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Promissory Note + Stock ConversionPromissory Note + Stock Conversion OptionOption
Date:
[Month Day, Year]
To:
[Name of Lender]
From:
[Owner/Founder][Company
Subject:
Promissory Note
 ______________________________________________________ Attached to this memorandum is a “Promissory Note.”Please review it carefully.You should send your [period of payments, e.g., monthly / quarterly] payments of $[amount of payment to[name and address of Lender].I understand that I may convert the balance of your debt to shares of stock in your company.If you have any questions regarding your loan, please contact us at the address above or call us at [phonenumber].If something should happen and you cannot pay on time, please call us immediately at [hotline number].Your first payment is due [Month Day, Year that first payment is due] and [monthly / quarterly] thereafter.Time is of the essence.Please sign and return it to me asap.Thank you very much!
 ____________________________________________________________________________________________ 1
 
From JIANFrom JIAN
NOTICE:
We wish we could provide an agreement that was tailored
exactly
to your business. While this is not always possible, we feel that we've come very close and that this document provides you with the head-start thatyou need to get your deal moving. Nevertheless, we must make this disclaimer:
Do Not Use This Agreement 'As-Is.'This Agreement Is Not Legal Advice.Read it Thoroughly and Make All Appropriate Changes to Fit Your Requirements. You Should Have this Agreement Reviewed and Approved by aQualified Attorney at Law Before Using It.JIAN Accepts No Liability for the Effectiveness of This Document For Your Purposes.
Free Access to Attorneys, Accountants & Consultants in Your Area
We’re building a network of business experts who are eager to help you when you need it. They can reviewyour work, make suggestions, handle unique situations and introduce you to influential people. On our website you can search by expertise and location, then e-mail or jump straight to their website. Althoughthey are professionals and charge for their services, most offer an initial consultation free of charge. They’rein your area and you can contact them directly.
Please visit our website under 
.
Ongoing Update Service Keeps You Current
Things change, laws change, the world changes... new ideas come along all the time. When you register, youcan access our website to get updates and changes... like new and improved spreadsheets and documents.They can be downloaded directly to your computer.
Please visit our website under 
.
Remember to bookmark our website:
Editing Your Sample Contract
Since this entire agreement is formatted in Word, you can edit it like any other Word document. You can jump from variable to variable by clicking the above

green arrows (JIAN Menu) which will take youforward / backward and highlight the entire sample text identified within the “[ ]” brackets – simply edit /type-over with your information.To make sure your have filled in all the variables, use Word’s ‘FIND’ function to locate any “[ ]” which maycontain an unedited variable.
Click the icon in the JIAN menu above to turn the expert comments on/off.
Upon completion, delete any unnecessary blank lines that remain.
You may format this document any way you like.
Delete this page.
 ____________________________________________________________________________________________ 2
 
Promissory NotePromissory Note
Effective Date
[Date]
Agreement is by and between
[Lender Legal Name]
(“[Lender’s abbreviated name]”),a [State], [Corporation / Partnership / Sole Proprietorship / Individual]located at [Lender’s Address],AND
[Company Legal Name]
, (“[Company]”),a [State], [Corporation / Partnership / Sole Proprietorship / Individual],located at [Address][City], [State] [Zip Code]
Summary
[Lender] and [Borrower] agree that [Borrower] will borrow money from [Lender] according to thefollowing terms and conditions:
1.Definitions
As used in this Agreement:1.1.“I, me, mine and my” mean each and all of those who sign this Promissory Note, “Borrower”1.2.“You, your, and yours” mean “Lender”
2.Terms of Repayment
2.1.To repay my loan, I promise to pay you $[1,000].00 [One Thousand] Dollars
.
This is the totalamount I will have paid when I have made all of the payments as scheduled.2.2.I'll pay this sum to you or the party you designate at [full address where payments should be sent] in[total number of installments to be paid on this loan] uninterrupted installments of $[100.00] [One Hundred]Dollars each
.
The first payment is due [Month Day, Year], and [monthly / quarterly / weekly] thereafter.2.3.Here is the break-out of my payments:
(a)
Amount of loan
$000(b)Property insurance provided by Lender$000(c)Filing fees$000(d)
Amount financed
$000
(Amount of credit provided to me or on my behalf) ((a) + (b) + (c))
(e)Finance charge$000
(the dollar amount the credit will cost me)
(f)Total of Payments ((d) + (e))$000(g)
Annual percentage rate
0.0%
(the cost of my credit at a yearly rate)
3.Itemization of the Amount Financed of $ [x]
(enter amount from 2(d) above)
.
(a)Amount given directly to Borrower$000 ____________________________________________________________________________________________ 3

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