Weekly Promissory Note (Secured)
Recurring Payment Agreement
Promises to Pay ____Shawntay’s School of Creative Nails____________________, Noteholder
ANY MISSED PAYMENTS WILL LEAD TO IMMEDIATE TERMINATION OF THE PROGRAM
The principal amount of $ 2,550.00 is required to fulfill this agreement. The principle amount includes a $50 processing fee. The payment plan begins with a down payment of $150.00 which is to be paid immediately. Payments are payable to the note holder in weekly installments of $150.00 due every Friday after the initial enrollment, until paid in full. If not paid off sooner, this note is due and payable in full the first Friday of the month of your registered session. Which equals 17 payments of $150.00. This note is secured by a security agreement, which has also been signed by the Borrower. This note may be accelerated and demand for immediate full payment made by the Note holder upon breach of any conditions of the security agreement. This note may be prepaid in whole or in part at any time without penalty. If the Borrower is in default more than 5 business days with any payment, this note is payable upon demand of any Note holder and access to classes maybe denied. A late fee of $15.00 will be added to the account on payments that are not paid by the first Friday of each month by 5:00 pm. This note is not assumable without the written consent of the Note holder. The Borrower waives demand, presentment for payment, protest and notice. In the event of any default, the Borrower will be responsible for any costs of collection on this note, including court cost and attorney fees. It is agreed that if the borrower violates the terms of this Agreement, irreparable harm will occur, and money damages will be insufficient to compensate Shawntay's School of Creative Nails. In the event of a breach of the contract, shall be settled by arbitration to be held in the county in which your school is located in accordance with the dispute resolution rules then in effect of the American Arbitration Association. The arbitrator may grant injunctions or other relief in such dispute or controversy. The decision of the arbitrator shall be final, conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. In case of arbitration, the prevailing party shall have the right to collect from the other party its reasonable costs and necessary disbursements and attorney's fees incurred in enforcing this Agreement. This Agreement shall be governed by the laws of State in which your school is located. The provisions of this agreement shall be binding upon and inure to the benefit of both parties and their respective legal representatives, successors, and assigns.