Promissory Note With Balloon Payment With Interest In Franklin
Category:
State:
Multi-State
County:
Franklin
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Promissory Note with Balloon Payment with Interest in Franklin is a financial document wherein the borrower agrees to repay a specified sum to the lender, with monthly installments followed by a significant final payment, known as a balloon payment. This note outlines critical details such as the loan amount, interest rate, payment schedule, and the terms regarding default and collection fees. It allows borrowers to make additional principal payments with a prepayment penalty structured over the initial loan period. The form is designed to ensure clarity regarding the obligations of both parties, including provisions for notices and potential adherence to usury laws. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants in various scenarios such as drafting loan agreements, negotiating terms, or managing real estate financing, as it provides a comprehensive framework for secure and transparent lending transactions.
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