Promissory Note Closing In Los Angeles
Category:
State:
Multi-State
County:
Los Angeles
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Promissory Note closing in Los Angeles is a legal document outlining the terms under which a borrower promises to repay a loan to a lender. This particular balloon note specifies the total loan amount, interest rate, and repayment structure. Notably, it includes monthly installments followed by a larger final payment, referred to as a 'balloon payment,' due at a later date. This form requires users to fill in details such as the lender’s name and address, loan amount, interest rate, and payment schedule. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form for various cases, such as securing personal loans or real estate financing. Clear instructions are provided for additional payments, potential penalties for late payment, and amendments to the terms, ensuring compliance with usury laws. Moreover, it allows for flexibility with prepayments while establishing legal protections for lenders. The document aims to facilitate secure transactions while clarifying the responsibilities of both parties.
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