A sample of an acceleration clause in a promissory note would be: "the failure to pay any installment when due shall mature the entire indebtedness at the option of the holder of this Note." A sample of a prepayment clause in a promissory note would be: "the undersigned may prepay the principal amount outstanding in whole or in part without penalty."
Puerto Rico Letter Tendering Full Payment of Existing Balance of Promissory Note Due to Acceleration or Prepayment of Note. Dear [Lender's Name], Subject: Tendering Full Payment of Existing Balance of Promissory Note I hope this letter finds you in good health and high spirits. I am writing to inform you of my intention to tender the full payment of the existing balance of the promissory note, which is currently due for acceleration or prepayment. As per the terms and conditions stated in the promissory note agreement dated [date], I understand that I have the option to accelerate or prepay the outstanding balance. After careful consideration and due evaluation of my financial situation, I have decided that it is in my best interest to proceed with the acceleration/prepayment, stating my commitment to fulfill the terms of the agreement. The promissory note, with the original principal amount of [amount], had an agreed upon interest rate of [interest rate]. The loan term was set for [term in years/months], and the remaining balance as of [date] is [remaining balance]. I hereby confirm my intent to make the full payment of the remaining balance as of the date of this letter. In order to complete the tendering of the full payment, I would like to request the necessary information pertaining to the exact payoff amount, including any applicable prepayment penalties, interest calculation through the date of payment, and any other relevant charges or fees. Additionally, please provide the instructions on how to make the payment, including the preferred method and the required bank account details. I understand that fulfilling this obligation will release me from any further financial responsibility under the promissory note agreement and effectively terminate the lender-borrower relationship between us. I kindly request your prompt assistance in providing the information mentioned above so that I can finalize the payment accordingly. Furthermore, I would appreciate it if you could acknowledge receipt of this letter in writing and provide a timeframe within which I can expect the requested information. Thank you for your attention to this matter. I appreciate your professionalism and cooperation throughout the duration of our borrowing relationship. Should you have any questions or require any further information, please do not hesitate to contact me at your earliest convenience. Yours sincerely, [Your Name] [Your Contact Information] Alternate Type: Puerto Rico Letter Tendering Partial Payment of Existing Balance of Promissory Note Due to Acceleration or Prepayment of Note.
