Installment Promissory Note With Balloon Payment In Illinois
Category:
State:
Multi-State
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Installment Promissory Note with Balloon Payment in Illinois is a legal document that outlines the terms of a loan agreement between a borrower and a lender. This form specifies the total amount borrowed, interest rate, repayment schedule, and a final balloon payment due at maturity. Key features include monthly installments, the option for additional principal payments with a prepayment penalty, and provisions for default and collection fees if payments are missed. Users must complete the form by filling in details such as the loan amount, interest percentage, payment start date, and balloon payment due date. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions or financing arrangements. It simplifies financing agreements and ensures compliance with usury laws in Illinois, making it an essential tool for legal professionals. The form can be tailored to meet specific client needs and is versatile in various lending scenarios.
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