Promissory Note Installment Payments With Interest and Balloon Payments Form

Promissory Note Installment Payments With Interest and Balloon Payments.doc Promissory Note Installment Payments With Interest and Balloon Payments.pdf This form is used when you are borrowing (unsecu

Download

Recommended

Preview

Promissory Note

(Installment Payments With Interest and Balloon Payments)

Name of Borrower 1: ________________________________

Name of Borrower 2: ________________________________

Name of Lender: ________________________________

1. For value received, Borrower promises to pay to Lender the amount of

$_______________ on ________________ [date payment is due] at

________________________________ [address where payments are to be sent],

together with interest at the rate of _________% per year from the date this note was

signed until the date it is [choose one]:

[ ] paid in full (Borrower will receive credits for prepayments, reducing the total

amount of interest to be repaid).

[ ] due or paid in full, whichever date occurs last (Borrower will not receive credits for

prepayments).

2. Borrower agrees that this note will be paid in installments, which include principal and

interest, of not less than $______ per month, due on the first day of each month, until the

principal and interest are paid in full.

3. Borrower agrees to make one final payment for the entire balance owed on or before

____________ [date balloon payment is due].

4. If any installment payment due under this note is not received by Lender within _____

days of its due date, the entire amount of unpaid principal will become immediately due

and payable at the option of Lender without prior notice to Borrower.

5. If Lender prevails in a lawsuit to collect on this note, Borrower agrees to pay Lender’s

attorney fees in an amount the court finds to be just and reasonable.

The term Borrower refers to one or more borrowers. If there is more than one borrower,

they agree to be jointly and severally liable. The term Lender refers to any person who

Promissory Note (Installment Payments With Interest and Balloon Payments) Page 1

legally holds this note, including a buyer in due course.

Borrower 1’s signature: ________________________________

Date: ________________________________

Print name: ________________________________

Location: ________________________________ [city or county where signed]

Address: ____________________

____________________

Borrower 2’s signature: ________________________________

Date: ________________________________

Print name: ________________________________

Location: ________________________________ [city or county where signed]

Address: ____________________

____________________

Certificate of Acknowledgment of Notary Public

State of _______________________________ )

) ss

County of _____________________________ )

On _____________________, before me, ______________________________, a notary

public in and for said state, personally appeared ___________________

________________________, personally known to me (or proved to me on the basis of

satisfactory evidence) to be the person whose name is subscribed to the within

instrument, and acknowledged to me that he or she executed the same in his or her

authorized capacity and that by his or her signature on the instrument, the person, or the

entity upon behalf of which the person acted, executed the instrument.

WITNESS my hand and official seal.

_____________________________________

Notary Public for the State of ______________

My commission expires __________________

[NOTARY SEAL]

Promissory Note (Installment Payments With Interest and Balloon Payments) Page 3