Recourse Promissory Note (Genie AI)

The Recourse Promissory Note (Genie AI) template is a legal document governed by the laws of the United States of America. This template serves as a formal agreement between two parties, typically a lender and a borrower, outlining the terms and conditions of a loan transaction. It is specifically designed to be used in conjunction with AI technology provided by Genie, ensuring that the agreement incorporates relevant provisions related to the use of artificial intelligence.

The note outlines the amount of money being lent, the interest rate, repayment terms, and any additional fees or penalties associated with the loan. It also specifies the recourse available to the lender in case of default by the borrower. Recourse generally provides the lender with the option to pursue legal action and recover the outstanding balance through the borrower's personal assets or other means.

As the template is customized for Genie AI, it may include provisions related to the AI's involvement, such as confidentiality clauses to ensure the protection of AI algorithms, limitations on liability associated with the AI's recommendations or actions, and provisions related to data privacy and security. These additional clauses ensure that both parties understand and agree to the specific risks and responsibilities associated with using AI technology in the loan agreement.

It is important to note that this template provides a starting point for drafting a Recourse Promissory Note tailored to the unique needs of the borrower and lender. Legal advice should always be sought to ensure compliance with applicable state and federal laws, as well as specific requirements related to the use of AI technology in financial transactions.