This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A South Dakota Installment Promissory Note with Acceleration Clause and Collection Fees is a legally binding document used in financial transactions between a borrower and a lender in South Dakota. This note outlines the terms and conditions of a loan and specifies the repayment schedule, including the frequency and amount of installment payments. The acceleration clause is an important feature of this promissory note. It allows the lender to declare the entire outstanding loan balance due immediately if the borrower fails to meet the agreed-upon payment obligations. This means that if the borrower misses or consistently delays payments, the lender has the right to demand full repayment of the remaining principal amount, along with any accrued interest, without further notice. Additionally, this promissory note includes provisions for collection fees. In the event that the lender has to take legal action or hire a collection agency to recover the outstanding debt, the borrower is responsible for paying the associated collection costs. These fees typically cover the expenses incurred by the lender during the collection process, such as attorney fees, court costs, and any other administrative expenses. South Dakota Installment Promissory Notes with Acceleration Clause and Collection Fees may vary depending on the specific terms agreed upon by the borrower and the lender. Different names or variations of this note could include: 1. South Dakota Installment Promissory Note with Acceleration Clause and Attorneys' Fees: This note specifically highlights that the borrower will be responsible for the lender's attorney fees in case of default or legal action. 2. South Dakota Installment Promissory Note with Acceleration Clause and Late Payment Penalties: This note includes provisions for charging penalties or additional fees in case of late installment payments, in addition to the acceleration clause and collection fees. 3. South Dakota Installment Promissory Note with Acceleration Clause and Collateral: This type of note includes an additional clause stating that certain collateral, such as real estate or vehicles, may be seized by the lender in case of default or failure to meet repayment obligations. It is important for parties involved in loan agreements to carefully review and understand the terms outlined in the South Dakota Installment Promissory Note with Acceleration Clause and Collection Fees, as they have legal ramifications and financial consequences. Consulting with an attorney or legal expert may be advisable to ensure all provisions are in accordance with South Dakota state laws and to protect the rights and interests of both borrower and lender.
