Legal Question in Credit and Debt Law in Florida

Promissory Note (is this legal)

is this a legal promissory note.

FOR VALUE RECEIVED, XYZ the undersigned, an individual with a permanent address in FL; currently residing at MA, unconditionally promises to pay to the order of ABC, at NY, the principal sum of Twenty Thousand Five Hundred [$20,500.00] Dollars. Said sum, shall be paid in 41 monthly installments of $500 each, with a first payment due March 15, 2003, and a like amount on the same day of each month thereafter. The remaining unpaid principal shall be due and payable in full on July 15 2006, if not already paid.

This note shall be fully payable upon demand of any

holder in the event the undersigned shall default in making

any payments due under this note within 90 days of its due date.In the event of any default, the undersigned agreed to

pay all reasonable attorney, court fees and costs of collection to the extent permitted by law. By signing this Promissory Note, you are certifying that ''I received a copy of this Promissory Note, and agree to make payment(s) on the date(s) as stated in the repayment schedule without being billed.'' This note is signed as a sealed instrument. Information may be used for collection purposes. You are obliged to repay your Loan by cash, or personal check.

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