Balloon Found With Note In King
Category:
State:
Multi-State
County:
King
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Balloon Note is a financial instrument used for borrowing a specific sum of money, with a structured repayment plan that includes both monthly installments and a significant final payment, known as the balloon payment. This form details the obligations of the borrower to repay principal and interest, specifying the total amount, interest rate, repayment schedule, and the consequences of default. It allows flexibility for making additional payments toward the principal, albeit with a prepayment penalty in the first year. Notably, it defines the procedure for handling defaults and outlines the rights of the lender, including collection fees and acceleration of the debt upon missed payments. The form emphasizes compliance with usury laws, ensuring that the interest charged does not exceed legal limits. Key features include the requirement for the borrower to provide specific lender and borrower information, as well as the payment terms. This form is particularly useful for attorneys, partners, and legal assistants who facilitate loan agreements, as it provides a clear structure for both parties involved in a lending transaction. Additionally, owners and associates can use this form to secure financing while understanding the payment implications, making it vital for financial planning and compliance in real estate transactions.
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