Interest Only Promissory Note With Balloon Payment In Pennsylvania
Category:
State:
Multi-State
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Interest Only Promissory Note with Balloon Payment in Pennsylvania is a financial document that outlines the borrower's obligation to repay a specified sum to a lender with interest, structured to allow for interest-only payments initially, followed by a single larger balloon payment at the end of the loan term. Key features include a clear payment schedule, which specifies monthly installments that cover interest only, while the principal balance is due as a balloon payment on a designated date. This form provides space for customization, including names and addresses of the lender and borrower, payment amounts, interest rates, and due dates, facilitating ease of editing for relevant details. It allows for early repayment with a structured penalty, assures compliance with usury laws, and includes provisions for consequences in case of default, making it a comprehensive tool for secured lending. The target audience, including attorneys, partners, owners, associates, paralegals, and legal assistants, can utilize this form for real estate transactions, business loans, or personal loans requiring a flexible payment structure. Users benefit from clear instructions for filling, ensuring that legal professionals can adapt it to client needs while maintaining compliance with Pennsylvania law.
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