Promissory Note With Balloon Payment Template In Utah
Category:
State:
Multi-State
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Promissory Note with Balloon Payment template in Utah is a legal document used for borrowing money, where the borrower agrees to repay a specified principal amount plus interest over time, culminating in a final balloon payment. This form clearly outlines the amount borrowed, interest rate, payment schedule, and details for making additional payments towards the principal. It is essential for parties to fill in the lender’s and borrower’s names, addresses, and loan details before use. The form is particularly useful for attorneys, partners, and legal assistants in creating agreements that protect their clients' interests while ensuring compliance with state laws. Also included are provisions regarding default, prepayment penalties, and the process for notifying the borrower of payments due. Paralegals and legal assistants will find it valuable for documenting lending arrangements in real estate or personal loans, as it is secured by a Deed of Trust. Overall, this template facilitates clear communication between lenders and borrowers regarding repayment expectations.
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