Ask a Business Lawyer. Get Business Law Questions Answered ASAP.
principal amount of $5,000.00 with 1.5% on any unpaid balance. Payments are payable to the Noteholder at the above signed address commencing 1/1/2010 in quarterly installments to be determined by profitability of the business, including interest, and continuing on the 15th day of each third month until paid in full. If not paid off sooner, this Note is due and payable in full on 6/1/2011.
If the Borrower is in default more than 90 days with any payment this Note is payable upon demand of any Noteholder.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).