Installment Promissory Note With Balloon Payment In Suffolk
Category:
State:
Multi-State
County:
Suffolk
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Installment Promissory Note with Balloon Payment in Suffolk is a legal document that outlines a borrower's promise to repay a specified sum to a lender, accompanied by interest, in a series of installments with a balloon payment at the end. Key features include the total loan amount, interest rate, payment schedule consisting of monthly installments and a final balloon payment due on a specified date, and the ability to make additional principal payments with prepayment penalties decreasing over time. The form allows users to define payment locations and terms regarding defaults, which can affect the entire debt obligation. It adheres to applicable usury laws, outlining consequences if charges exceed legal limits. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who require a clear agreement on financing arrangements for real estate or personal loans, ensuring compliance with both state and federal regulations. By supplying comprehensive details upfront, it helps streamline the loan process and protects the interests of both the borrower and lender.
Free preview
