Promissory Note With Balloon Payment With Interest In San Diego
Category:
State:
Multi-State
County:
San Diego
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Promissory Note with Balloon Payment with Interest in San Diego serves as a legal agreement where the borrower promises to repay a specified amount of money, which includes interest, to the lender by a set date. This type of note features a balloon payment structure, meaning that after making several smaller monthly payments, a larger payment is due at the end of the loan period. The note outlines essential details such as the interest rate, payment schedule, and consequences of default. It includes provisions for prepayment with potential penalties that decrease over time, thereby offering flexibility to the borrower. The form can be utilized by attorneys and legal professionals to assist clients in borrowing scenarios where large upfront payments are impractical. It is particularly relevant for partners, owners, and associates in real estate transactions, as the note can be secured by a Deed of Trust on property. Additionally, legal assistants and paralegals can use this form to help manage financial agreements while ensuring compliance with applicable usury laws. Proper completion and adherence to terms are crucial for protecting both lender and borrower interests.
Free preview
