Installment Promissory Note With Balloon Payment In Franklin
Category:
State:
Multi-State
County:
Franklin
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The installment promissory note with balloon payment in Franklin is a legal document that outlines the borrower's promise to repay a specified loan amount to the lender, along with interest, in set installments over time. This form specifies the total loan amount, interest rate, and the structure of payments, which includes a final balloon payment at maturity. The monthly installments consist of both principal and interest, calculated based on an amortization schedule. Users can make additional principal payments, subject to a prepayment penalty during the first year, which decreases over time. The note highlights the default provisions and related charges, ensuring collection fees are outlined if payments are missed. The note is secured by a Deed of Trust on real property, providing additional assurance to the lender. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it permits structured financing arrangements, facilitates loan security transactions, and aids in establishing clear repayment terms for all parties involved.
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