PROMISSORY NOTE, FIXED TERM, NO INTEREST, PRINCIPAL PAYABLE ON MATURITY

[AMOUNT OF LOAN, ex. $20,000.00] Due: [MATURITY DATE OF LOAN, ex. July 31, 2002]

FOR VALUE RECEIVED, the undersigned, [BORROWER NAME] (the “Borrower”), hereby acknowledges itself indebted to [LENDER NAME] (the “Lender”) and promises to pay to or to the order of the Lender at [ADDRESS OF LENDER] or as otherwise directed in writing by the Lender, the principal sum of [AMOUNT OF LOAN, ex. $20,000.00] in lawful money of [CURRENCY, ex. Canada or United States of America] without interest. The entire principal sum shall be paid on [MATURITY DATE OF LOAN, ex. July 31, 2002].

The Lender may assign all of its right, title and interest in, to and under this promissory note. All payments required to be made hereunder shall be made by the Borrower without any right of set-off or counterclaim.

DATED: [DATE OF DOCUMENT, ex. July 1, 1998]

………………………………………….. ………………………………………….
Witness Seller Name