Promissory Note - Line of Credit

This Promissory Note (Line of Credit) is between a borrower and a lender who extends a line of credit to the borrower in exchange for monthly payments. This legally binding document sets out the terms of the note including the principal amount, monthly payments and when the note is due and payable. It also sets out the interest rate and contains a prepayment provision. A written Promissory Note is imperative in any situation and will prove valuable in the event of default or disagreements between the parties about repayment terms. This Promissory Note accompanies and becomes a part of a Line of Credit Agreement. (continued ...)