Note With Balloons In Ohio
Category:
State:
Multi-State
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Promissory Note, specifically a Balloon Note, in Ohio outlines the borrower's commitment to repay a designated sum to the lender along with accrued interest. This note specifies details such as the amount borrowed, the payment schedule, and the final balloon payment due after the regular installments. Key features include monthly payment terms, prepayment options with penalties, and the consequences of default, such as collection fees. For users filling out the form, it is essential to accurately enter the borrower's and lender's information, payment amounts, and specific dates associated with the obligations. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this document to facilitate loan agreements, ensuring compliance with Ohio's legal frameworks while protecting the interests of all parties involved. It also serves as a foundation for securing loans tied to property, supported by a Deed of Trust. Additionally, the form’s clauses address potential usury issues, enhancing usability and legal safety. As a flexible tool, the Balloon Note caters to various financial scenarios, making it valuable for both individual and commercial lending situations.
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