Interest Only Promissory Note With Balloon Payment In Tarrant
Category:
State:
Multi-State
County:
Tarrant
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Interest Only Promissory Note with Balloon Payment in Tarrant is a formal agreement where the borrower promises to repay a specified sum to the lender along with interest. The loan features immediate interest-only payments for a set term, followed by a final balloon payment for the remaining principal. Key attributes include the interest rate, payment schedule, and specifics about prepayment options and penalties. Users can fill in the lender's name, address, payment amounts, and due dates directly on the form. This document is particularly useful for various professionals involved in lending arrangements, including attorneys, partners, and paralegals, who may need to facilitate loans, manage financial transactions, or draft legal agreements. The form's structured nature ensures clarity for all parties involved, making it accessible for users with limited legal experience. Proper instructions will guide users through completing the details, ensuring compliance with applicable laws, including usury regulations. This promissory note is often used in real estate transactions where property is involved as collateral.
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