Good morning. If you enter into an agreement that the client signs providing for a payment schedule and you comply with that payment schedule, the client cannot sue you. But, the client must agree to that payment schedule.....you cannot unilaterally impose that on the client.
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You would structure it as a promissory note, with periodic payments. I have provided you a form below:
Borrower's Mailing Address: ___________________
Place for Payment: _____________________
Principal Amount: ______________________
Annual Interest Rate:
A per annum rate equal to the lesser of: (i) __%, or (ii) the Maximum Rate (as hereinafter defined) with interest to be calculated on a 365 or 366 day year, as applicable.
Maturity Date: ___________________
Annual Interest Rate on Matured, Unpaid Amounts:
The lesser of: (i) the maximum per annum rate of interest permitted by applicable law (the "Maximum Rate") or (ii) 10% per annum. For purposes hereof and _________ law, the Maximum Rate shall be the weekly ceiling rate as provided in the applicable sections of the _________ Finance Code, as currently in force and as same may be amended from time to time.
Terms of Payment:
The Principal Amount and all outstanding and all accrued unpaid interest thereon shall be due and payable in full on the Maturity Date.
Borrower promises to pay to the order of Lender the Principal Amount, together with interest on the outstanding Principal Amount from day to day remaining unpaid at the Annual Interest Rate. This Note is payable at the Place for Payment and according to the Terms of Payment. All unpaid amounts are due by the Maturity Date. After the Maturity Date, Borrower promises to pay any unpaid principal balance plus interest at the Annual Interest Rate on Matured, Unpaid Amounts. This Note may be prepaid at any time, in whole or in part, without penalty or other charge.
If Borrower shall fail, refuse or neglect to pay, or cause the payment of all sums due and payable under this Note, or under any instrument relating to or securing the payment of this Note, as the same shall become due and payable and such failure is not cured within five (5) days after receipt by Borrower of written notice from Lender of such failure, then Lender shall have the option, to the extent permitted by applicable law, to declare this Note due and payable, whereupon the entire unpaid principal balance of this Note and all accrued unpaid interest thereon shall thereupon at once mature and become due and payable without presentment, demand, protest or notice of any kind (including, but not limited to, notice of intention to accelerate or notice of acceleration), all of which are hereby expressly waived by Borrower.
Borrower also promises to pay collection fees and the reasonable attorneys' fees of Lender, in addition to all other amounts owing hereunder.
It is the intention of the parties hereto to comply with applicable usury laws; accordingly, it is agreed that notwithstanding any provisions to the contrary in this Note, or in any document securing payment hereof or otherwise relating hereto, in no event shall this Note or such documents require the payment or permit the collection of interest in excess of the maximum amount permitted by such laws. If any such excess of interest is contracted for, charged or received, under this Note or under any of the instruments securing payment hereof or otherwise relating hereto, or in the event the maturity of the indebtedness evidenced by this Note is accelerated in whole or in part, or in the event that all or part of the principal or interest of this Note shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or under any of the instruments securing payment hereof or otherwise relating hereto, on the amount of principal actually outstanding from time to time under this Note, shall exceed the maximum amount of interest permitted by applicable usury laws, then in any such event (a) the provisions of this paragraph shall govern and control, (b) neither the Borrower hereof nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by applicable usury laws, (c) any such excess which may have been collected shall be either applied as a credit against the then unpaid principal amount hereof (in the inverse order of maturity) or refunded to Borrower, at the holder's option, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable usury laws as now or hereafter construed by the courts having jurisdiction thereof. It is further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or under such other documents which are made for the purposes of determining whether such rate exceeds the maximum lawful contract rate, shall be made, to the extent permitted by applicable laws, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the loan evidenced hereby, all interest at any time contracted for, charged or received from Borrower or otherwise by the holder or holders hereof in connection with such loan.
This Note shall be governed by and construed in accordance with the laws of the State of _________ and applicable federal laws, and is intended to be performed in accordance with, and only to the extent permitted by, such laws. If any provision of this Note or the application hereof to any person or circumstance shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Note nor the application of such provision to any other person or circumstance shall be affected thereby, but rather same shall be enforced to the greatest extent permitted by law.
Any notice or request required or permitted to be delivered to Borrower or Lender by the terms of this Note shall be in writing and deemed to be received, whether or not actually received, three(3) business days after deposit of such notice in the U.S. Mail, postage prepaid, certified or registered mail, return receipt requested, addressed to Borrower or Lender, as the case may be, at the addresses set forth above, or at such other address as Borrower or Lender may specify in writing to the other party in accordance herewith. Notwithstanding the foregoing, actual notice, however received, shall be always be effective upon receipt thereof.
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