Promissory Note With Balloon Payment With Interest In Ohio
Category:
State:
Multi-State
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Promissory Note with balloon payment and interest in Ohio is a legally binding document where the undersigned agrees to repay a specified sum to the lender, including interest, at a designated time and place. This note includes details such as the principal amount, interest rate, and payment schedule, which consists of monthly installments followed by a final balloon payment. The borrower may make additional principal payments with a prepayment penalty that decreases annually. In case of default, the lender can impose a collection fee and may accelerate the loan, making the entire amount due immediately. The form protects both the lender and the borrower by ensuring compliance with applicable usury laws, ensuring finance charges do not exceed legal limits. The form is essential for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear framework for structured loans, minimizes risks associated with defaults, and supports adherence to covenant agreements in real estate transactions.
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