Balloon Note Example In Kings
Category:
State:
Multi-State
County:
Kings
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Balloon Note example in Kings is a structured Promissory Note that details payment obligations for borrowers. It specifies the total loan amount, interest rate, and a balloon payment due at the end of the loan term. Key features include the provision for monthly installments, which are applied first to interest and then to principal, and an option for partial prepayments, subject to penalties. It also outlines consequences for default, including collection fees and the acceleration of the full balance due. The document emphasizes compliance with usury laws, ensuring that any finance charges do not exceed legally permitted limits. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear framework for loan agreements. It helps legal professionals draft enforceable notes that protect both lender and borrower interests while ensuring adherence to applicable laws and regulations. Additionally, this document serves as a critical tool in real estate transactions and personal lending, making it a valuable asset in legal and financial practices.
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