Balloon Amortization Sureties With Interest In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Balloon Amortization Sureties with Interest in Cook is a promissory note that outlines a borrower's commitment to repay a specified sum to a lender, along with accrued interest. Key features include monthly installment payments over a chosen amortization period, with a final balloon payment due after a specified term. This note allows for additional principal payments, subject to a prepayment penalty that decreases over time. In case of default, collection fees apply, and the entire debt may become due. Users should fill in the lender and borrower information, payment amounts, and term dates clearly. Attorneys, partners, and legal assistants can utilize this form for structuring loans while ensuring compliance with usury laws and effective risk management. Paralegals can assist clients in accurately completing and understanding the obligations outlined in the form, making it an essential tool for financial transactions involving real estate or similar secured debts.
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