If you were to draft a contract/promissory note based upon the following facts:

Jonathan Grant has agreed to borrow $10,000 from First Bank, a Florida Bank, with an interest rate of 25%. Payments on the loan will begin on November 1, 2015, in the amount of $250.00. The payments will continue to be made on the 1st of each month at any First Bank branch office. If the borrower is more than 10 days late on the loan, he will have to pay a late fee of $25.00. If the borrower is more than 60 days late on the loan, First Bank may demand the entire amount due plus interest. In the event of a default, they will have to cover any collection fees, attorney's fees or court costs associated with the collection of the debt. This agreement cannot be modified or transferred.

With being mindful of contractual elements and the sufficiency of the terms of the agreement, what things should be included and covered in the promissory note?