Balloon Release With Note In Queens
Category:
State:
Multi-State
County:
Queens
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Balloon Release with Note in Queens is a financial instrument that outlines the terms for a loan repayment, specifically designed for use in the Queens area. This document specifies the total amount borrowed, the interest rate, payment schedule, and a significant final payment termed a "balloon payment" that is due at the end of the loan term. Key features include provisions for monthly installments, prepayment options, and consequences for defaulting on payments, including potential additional collection fees. Users are guided on how to fill in the specific details, such as the lender's and borrower's names and addresses, interest rates, and payment amounts. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who may need to facilitate or manage financial transactions involving secured loans. Detailed notes within the form ensure users understand their liabilities and rights under the terms of the note, promoting compliance with relevant lending laws. Additional clauses regarding notice requirements and compliance with usury laws further protect both parties involved.
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