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Notice Of Promissory Note Default
NOTICE OF PROMISSORY NOTE DEFAULT
Date: [Date of Notice]
[First Name of Recipient] [Last Name of Recipient]
[Company Name of Recipient]
[Street Address of Recipient]
[City of Recipient], [State of Recipient]
[Zip Code of Recipient]
[Country of Recipient]
Dear [Mr./Mrs.] [Last Name of Recipient]:
You are hereby considered in default under the terms and conditions of a Promissory Note, in the amount of $ [Amount of Note], signed by you, and payable to [Name of Lender], hereinafter "Lender", due to the fact that you are [Period in Arrears] in arrears on payments.
Due to the situation of default, the Lender has chosen to exercise reserved legal right to demand payment in full of the remaining balance on the Note, namely $ [Total Balance Due], which amount includes interest accrued to date. This amount is now due and payable within from the date of this letter, or collection proceedings will be instituted. According to the terms of the Note, you have agreed to assume liability for costs and expenses of such proceedings, including attorney fees.
Sincerely,
Signature Date