[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-283224-105":3,"detail-sidebar-cat-1-en-105":81,"doc-detail-283224-en":126},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":74,"head_meta":76,"extra_data":78,"updated_unix":80},105,"en","promissory-note-promissory-note-agreement","Promissory Note - Promissory Note Agreement","","Promissory Note sets out a $2,000.00 loan made by St. John’s University School of Law (the “Lender”) to an individual borrower, with an initial $1,000 payment and a second $1,000 payment scheduled based on submission of a Mid-Year Employer Recertification Form. The loan principal is subject to forgiveness after one year if LRAP eligibility is continuously maintained, including qualifying employment and income limits. If eligibility lapses, repayment begins two months after ineligibility and includes interest at 8% per annum, plus default and acceleration terms.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/template/","Template",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/template/letters/","Letters",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/template/promissory-note-promissory-note-agreement/283224/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/promissory-note-promissory-note-agreement/283224.png","ImageObject",442,249,{"name":42,"@type":43},"Theodora","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-10-19","2026-09-16",true,{"@type":52,"interactionType":53,"userInteractionCount":55},"InteractionCounter",{"@type":54},"ViewAction",14,{"@type":57,"mainEntity":58},"FAQPage",[59,65,69],{"name":60,"@type":61,"acceptedAnswer":62},"How is the $2,000 loan disbursed to the borrower?","Question",{"text":63,"@type":64},"$1,000 is issued on or about April 30, 2020, and the remaining $1,000 is issued on or about August 15, 2020, provided the borrower files the Mid-Year Employer Recertification Form by July 1, 2020.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"When is the loan principal forgiven?",{"text":68,"@type":64},"The lender forgives the principal one year from the date of issuance of the initial amount if the borrower remains eligible for the LRAP for the entire year.",{"name":70,"@type":61,"acceptedAnswer":71},"What happens if the borrower is not eligible for the LRAP during the year?",{"text":72,"@type":64},"The borrower must repay the loan amount, prorated based on months of ineligibility, in equal installments plus accrued and unpaid interest, starting two months after the borrower ceases to be eligible.","https://schema.org",{"og:url":32,"og:type":75,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":77,"canonical":32},"index,follow",{"doc_id":79,"site_id":7},283224,1791869464,{"code":4,"msg":82,"data":83},"success",[84,89,94,98,103,108,113,117,122],{"id":85,"doc_module":22,"doc_module_name":25,"category_name":86,"show_sort_weight":87,"slug":88},11,"Presentations",90,"presentations",{"id":90,"doc_module":22,"doc_module_name":25,"category_name":91,"show_sort_weight":92,"slug":93},12,"Resumes",80,"resumes",{"id":55,"doc_module":22,"doc_module_name":25,"category_name":95,"show_sort_weight":96,"slug":97},"Invoices",70,"invoices",{"id":99,"doc_module":22,"doc_module_name":25,"category_name":100,"show_sort_weight":101,"slug":102},15,"Posters",60,"posters",{"id":104,"doc_module":22,"doc_module_name":25,"category_name":105,"show_sort_weight":106,"slug":107},16,"Social Media",50,"social-media",{"id":109,"doc_module":22,"doc_module_name":25,"category_name":110,"show_sort_weight":111,"slug":112},17,"Forms",40,"forms",{"id":114,"doc_module":22,"doc_module_name":25,"category_name":29,"show_sort_weight":115,"slug":116},18,30,"letters",{"id":118,"doc_module":22,"doc_module_name":25,"category_name":119,"show_sort_weight":120,"slug":121},21,"Paper Templates",5,"papers-templates",{"id":123,"doc_module":22,"doc_module_name":25,"category_name":124,"show_sort_weight":4,"slug":125},158,"General","general-158",{"code":4,"msg":82,"data":127},{"doc_id":79,"user_id":128,"nickname":42,"user_avatar":129,"doc_module":22,"category_id":114,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":55,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":33,"language":135,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":12,"update_tm":139,"read_time":26},687197207919,"https://ap-avatar.wpscdn.com/avatar/a000253d6f5f7c60be?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779446848396160552","PROMISSORY NOTE  \n$2,000 .00 Jamaica, NY  \nFOR VALUE RECEIVED, St. John’s University School of Law (the “Lender”) hereby loans to (xxxxx), an individual (the “Borrower”), in lawful money of the United States of America and in immediately available funds, the principal amount of TWO THOUSAND DOLLARS ($2,000.00) . ONE THOUSAND DOLLARS ($1,000) will be issued to the Borrower on or about Thursday, April 30, 2020 (the “Initial Amount”) and the remaining ONE THOUSAND DOLLARS ($1,000) will be issued to the Borrower on or about August 15, 2020, provided that the Borrower has filed with the Loan Repayment Assistance Administrator at the Lender’s Office of the Deans a Mid-Year Employer Recertification Form by Wednesday, July 1, 2020. The principal amount of the loan shall be forgiven by the Lender one year from the date of issuance of the Initial Amount, provided that the Borrower has remained eligible for the  \nSt. John's University School of Law Loan Repayment Assistance Program (“LRAP”) for the duration of the entire year that the loan was given to Borrower. For purposes of this Promissory Note, the term “eligible” shall mean (1) that the Borrower remains in qualifying employment (which is defined as a full-time, legal position, with a government agency or non-profit organization, representing traditionally underrepresented clients, groups, or interests, e.g., Catholic Legal Immigration Network, Inc. and Legal Services for the Elderly in Queens. Employment in the court system, while a valuable public service experience, is not considered qualifying employment for the LRAP),(2) that the Borrower’s public interest salary or the Borrower’s annual income does not exceed the salary maximum amount under the current LRAP eligibility requirements, and (3) that Borrower is current on his educational loan payments and has no outstanding balance on his account with the Lender. If for any reason Borrower does not remain eligible for the LRAP during the year in which the loan was given, Borrower unconditionally promises to repay the loan amount which will be prorated based on the number of months Borrower has been ineligible for the LRAP, to the order of the Lender, in equal installments, plus accrued and unpaid interest, beginning two months after the Borrower ceases to become eligible for the LRAP (the “Repayment Start Date”) and ending on the third anniversary of the Repayment Start Date. However, if the Borrower takes a leave of absence from his qualified employer, i.e., maternity/paternity leave, or other reasons deemed appropriate by Lender, for up to a maximum of six months, the Borrower will continue to remain eligible for the LRAP, so long as his status as an employee is maintained.  \nThe Borrower further promises to pay to the Lender, in like money, interest on the unpaid outstanding principal amount of this Promissory Note at the rate of 8% per annum. Interest on this loan shall accrue as of the Repayment Start Date. At the election of the Lender, the Borrower’s Repayment Start Date may be deferred in the instances of hardship or forbearance.  \nIn no event shall the interest payable hereunder exceed the maximum amount permitted under applicable law.  \n1.  Optional Prepayments. The Borrower shall have the right to prepay the outstanding principal amount hereunder, in whole or in part, at any time or from time to time, without penalty or premium.  \n2.  Events of Default; Acceleration.  \n(a) The following events shall constitute “Events of Default” hereunder:  \n(i) A breach by the Borrower of any of its representations, warranties, covenants or agreements made in this Promissory Note; or  \n(ii) If proceedings under any bankruptcy or insolvency law are commenced by the Borrower, or if proceedings under any bankruptcy or insolvency law are commenced against the Borrower and such proceedings are not dismissed within 30 days of commencement thereof, or ifa general assignment for the benefit of creditors of the Borrower is made or ifa trustee ","cbCaivv2TmU4JwaG","https://ap.wps.com/l/cbCaivv2TmU4JwaG","pdf",132722,"English","# Promissory Note Terms\n## Loan Amount and Disbursement Schedule\n## Loan Forgiveness and Eligibility Requirements\n## Repayment Obligation if Ineligible\n## Interest Rate and Accrual\n## Optional Prepayments\n## Events of Default; Acceleration\n## Representations and Warranties\n## Expenses","[{\"question\":\"How is the $2,000 loan disbursed to the borrower?\",\"answer\":\"$1,000 is issued on or about April 30, 2020, and the remaining $1,000 is issued on or about August 15, 2020, provided the borrower files the Mid-Year Employer Recertification Form by July 1, 2020.\"},{\"question\":\"When is the loan principal forgiven?\",\"answer\":\"The lender forgives the principal one year from the date of issuance of the initial amount if the borrower remains eligible for the LRAP for the entire year.\"},{\"question\":\"What happens if the borrower is not eligible for the LRAP during the year?\",\"answer\":\"The borrower must repay the loan amount, prorated based on months of ineligibility, in equal installments plus accrued and unpaid interest, starting two months after the borrower ceases to be eligible.\"}]","Promissory Note - Promissory Note Agreement | PDF",1789592970]