Installment Promissory Note With Balloon Payment In Ohio
Category:
State:
Multi-State
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Installment Promissory Note with Balloon Payment in Ohio is a formal agreement in which the borrower promises to repay a specific sum of money to a lender, with the balance due in a single final balloon payment. Key features include its structure of consecutive monthly payments followed by a larger, final payment, clear interest rate terms, and stipulations regarding prepayments and defaults. The form outlines the consequences of failing to meet the payment terms, including collection fees and the acceleration of the entire debt. It also indicates that any additional principal payments are permitted, subject to certain penalties initially and decreasing thereafter. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants in facilitating secure financing transactions, ensuring compliance with state usury laws, and establishing clear obligations for both lenders and borrowers. It provides a structured way to handle loan repayments and outlines the rights and responsibilities of involved parties clearly. Furthermore, it serves as an essential tool for creating legally binding agreements that prevent misunderstandings about payment conditions.
Free preview
