Promissory Note With Balloon Payment Template In Texas
Category:
State:
Multi-State
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Promissory Note with Balloon Payment template in Texas is a legal document that outlines a borrower's promise to repay a loan to a lender. This form specifies the loan amount, interest rate, and payment schedule, which includes monthly installments followed by a large final balloon payment. Users must fill in details such as the names and addresses of both parties, the loan amount, and dates for payments. It also outlines penalties for late payments and allows for additional payments on the principal with a prepayment penalty in the first year. This note is particularly useful for attorneys, partners, and legal assistants when structuring loans or securing financing, as it includes provisions for defaults and complies with usury laws in Texas. Paralegals may find it valuable when drafting or reviewing loan agreements, while owners and associates can use it to manage their financial obligations clearly. Overall, this document serves as an essential tool for various legal professionals involved in loan transactions.
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