Promissory Secured Personal With Balloon Final Payment)

• Category: Promissory Notes - Secured
• State: Ohio
• Control #: OH-NOTESEC2
• Format: Word; Rich Text

Description

The Promissory Secured Personal Note with Balloon Final Payment is a legal document tailored for borrowers and lenders involved in personal loans that are secured by personal property. This form allows the borrower to repay the loan amount, along with interest, through monthly installments, with the requirement for a balloon payment at the maturity date. Key features include the detailed breakdown of interest rates, payment schedules, and the borrower's rights to make prepayments. Users must carefully fill in specific details, such as the loan amount, interest rate, and payment dates, ensuring accuracy to avoid future disputes. In terms of utility, this form is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants, who require a structured format for documenting secured loans and ensuring client compliance with repayment terms. It serves as a protective measure for lenders, providing clear channels for communication, notices of default, and obligations for guarantees. Additionally, the inclusion of provisions for addressing late payments and defaults highlights its importance in maintaining a fair lending practice.