Interest Only Promissory Note With Balloon Payment In Illinois
Category:
State:
Multi-State
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Interest Only Promissory Note with Balloon Payment in Illinois is a financial document setting terms for a loan, where the borrower agrees to make interest-only payments for a specified period, followed by a lump-sum balloon payment of the principal at the end. Key features include the ability to specify the interest rate, monthly installment amounts, balloon payment due date, and a prepayment penalty structure during the loan's initial term. The form also contains provisions for handling defaults, addressing late payment scenarios, and ensuring compliance with usury laws to prevent excessive finance charges. Users should complete the form by filling in lender and borrower details, loan amounts, interest rates, payment schedule, and addresses as dictated. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions, loan modifications, or private lending arrangements, as it provides a clear framework for setting and collecting payments while safeguarding legal interests.
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