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Promissory Note - Balloon
PROMISSORY NOTE - BALLOON
$[Amount of the note] Date:[Date Note is being signed]
FOR VALUE AND CONSIDERATIONS RECEIVED, [I/We], the undersigned [Name of the Borrower], [Borrower] individually guarantee to pay to [Name of the Lender] [Lender] the total sum of [Amount of the note in letters] $[Amount of the note in numbers] which includes an interest payment of [Amount of total interest in letters] dollars $[Amount of interest in numbers] and the principal payment of $[Amount of principal in letters] dollars $[Amount of principal in numbers] per month. Such interest payment has been calculated at the rate of [Interest on the note in letters] percent [Interest on the note in numbers] % per year.
The following terms and conditions shall be valid throughout the life of the Note:
A. [Description of the first term of the note]
B. [Description of the second term of the note]
C. [Description of the third term of the note]
Such payment shall continue for a period of [Number of installments] months until [Date of the last installment] and the final payment [balloon payment] of [Amount of the balloon payment in letters] dollars $[Amount of the balloon payment in numbers] shall be due and payable on [Date of the balloon payment]. This Note may be prepaid in whole or in part at any time with premium or penalty of [Prepayment penalty percent] % of the outstanding balance of the loan. All prepayments shall be applied first to interest, then to principal payments in the order of their maturity.
The Borrower(s) agrees to pay all costs and expenses, including but not limited to all reasonable attorney fees, for the collection of this Note in an event of default. All payments shall be made on the [Day of the month payments should be made] day of each month at [Address for payment], or at such other place as the holder hereof may from time to time designate in writing.
Each maker, surety, guarantor and endorser of this Note waives presentment, notice and protest, all suretyship defenses and agrees to all extensions, renewals, or releases, discharge or exchange of any other party or collateral without notice.
Borrower Borrower
Witness Seal
[FOR GUARANTEE PURPOSES]
I, [Name of sole guarantor], shall act as the sole guarantor of the Borrower(s). In the event of default, I shall personally be held liable for the full payment of the Note.
Dated:
Guarantor