Balloon Found With Note In Washington
Category:
State:
Multi-State
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Balloon found with note in Washington is a legal document that outlines a borrower's promise to repay a specified sum to a lender, with defined monthly installments and a final balloon payment due at maturity. This form includes details such as the loan amount, interest rate, payment schedule, and the implications of default, including additional collection fees. Key features include the ability to make extra principal payments with a prepayment penalty in the first year, which decreases over time. The document requires clear identification of the borrower and lender, as well as pertinent address information. It provides protection for lenders in the event of non-payment by allowing for immediate acceleration of the debt. For attorneys, partners, owners, associates, paralegals, and legal assistants, this form serves as an essential tool for structuring loans, ensuring compliance with usury laws, and managing potential defaults. It can be beneficial in real estate transactions as it secures the loan through a Deed of Trust, enabling the lender to pursue the collateral in case of non-compliance. Users should ensure all sections are filled accurately to avoid legal issues and should be familiar with the laws of Washington state regarding interest and loan agreements.
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