What is a Promissory Note Due on a Specific Date?
When to use a Promissory Note Due on a Specific Date:
- You're lending or borrowing money.
- You own or manage a company that deals with loans.
- You want formal documentation of a loan.
For value received, the undersigned (the "Borrower"), at , , , promises and (collectively, the "Borrower"), at , , , each as principal, jointly and severally, promise to pay to the order of (the "Lender"), at , , and (collectively, the "Lender"), at , , (or at such other place as the Lender may designate in writing), the sum of with
. TERMS OF REPAYMENT
THE BORROWER UNDERSTANDS THAT THE PAYMENT OF THE ABOVE INSTALLMENT PAYMENTS MAY NOT FULLY AMORTIZE THE PRINCIPAL BALANCE OF THE NOTE, AND THEREFORE, A BALLOON PAYMENT MAY BE DUE ON THE DUE DATE.
. Application of Payments
All payments on this Note shall be applied first in payment of accrued interest and any remainder in payment of principal.personal property real estate in Any such prepayment shall be applied against the installments of principal due under this note in the inverse order of their maturity and shall be accompanied by payment of accrued interest on the amount prepaid to the date of prepayment.
. COLLECTION COSTS
If any payment obligation under this Note is not paid when due, the Borrower promises to pay all costs of collection, including reasonable attorney fees, whether or not a lawsuit is commenced as part of the collection process.
If any of the following events of default occur, this Note and any other obligations of the Borrower to the Lender, shall become due immediately, without demand or notice:
1) the failure of the Borrower to pay the principal and any accrued interest when due;
2) the liquidation, dissolution, incompetency or death of the Borrower;
3) the filing of bankruptcy proceedings involving the Borrower as a debtor;
4) the application for the appointment of a receiver for the Borrower;
5) the making of a general assignment for the benefit of the Borrower's creditors;
6) the insolvency of the Borrower;
7) a misrepresentation by the Borrower to the Lender for the purpose of obtaining or extending credit; or
8) the sale of a material portion of the business or assets of the Borrower.
assets pledged as security real estate pledged as collateral
. SEVERABILITY OF PROVISIONS
If any one or more of the provisions of this Note are determined to be unenforceable, in whole or in part, for any reason, the remaining provisions shall remain fully operative.
All payments of principal and interest on this Note shall be paid in the legal currency of the United States. The Borrower waives presentment for payment, protest, and notice of protest and demand of this Note.
No delay in enforcing any right of the Lender under this Note, or assignment by Lender of this Note, or failure to accelerate the debt evidenced hereby by reason of default in the payment of a monthly installment or the acceptance of a past-due installment shall be construed as a waiver of the right of Lender to thereafter insist upon strict compliance with the terms of this Note without notice being given to Borrower. All rights of the Lender under this Note are cumulative and may be exercised concurrently or consecutively at the Lender's option.
This note may not be amended without the written approval of the holder.
. GOVERNING LAW
This Note shall be construed in accordance with the laws of the
This Note shall be signed by and and by . , on behalf of
IN WITNESS WHEREOF, this Agreement has been executed and delivered in the manner prescribed by law as of the date first written above.
The is secured by collateral pledged by . Therefore, a Security Agreement should be signed by the parties in addition to the .
and fail fails or and and
Promissory Note Due on a Specific Date FAQs
Where can I draft a Promissory Note Form for free?
It's fast and simple to get what you need with a free Promissory Note template from Rocket Lawyer:
- Make your document - Provide a few simple details and we will do the rest
- Send and share - Go over the Promissory Note with a lawyer, if needed
- Sign it - Sign your Promissory Note online and make it legal
Any Promissory Note Form from Rocket Lawyer can be modified for your specific situation. When you're ready to begin, simply click the button labeled "Make document". Your Promissory Note will be built section by section so you can be certain that it has the correct details that you'll need.
Should I hire a lawyer for my Promissory Note Due on a Specific Date?
Writing a Promissory Note Due on a Specific Date is typically straightforward, but you may still have questions. Finding a legal professional to check your document could take a long time on your own. An alternate approach would be via Rocket Lawyer attorney services. Rocket Lawyer members can ask for feedback from an experienced lawyer or pose additional legal questions. As always, you can Live Confidently® with Rocket Lawyer by your side.
What would I usually pay to make a Promissory Note Due on a Specific Date?
The cost of finding and working with a law firm to produce a Promissory Note Due on a Specific Date could total anywhere from two hundred to one thousand dollars, depending on where you are located and how complicated it might be. Rocket Lawyer can offer much more protection than other Loan Agreement template providers that you might encounter. As a Rocket Lawyer member, you can get up to a 40% discount when hiring an attorney from our network.
Am I required to do anything else after making a Promissory Note Due on a Specific Date?
Upon completing this Promissory Note on Rocket Lawyer, you will have the ability to retrieve it from your account on any device, anytime. With a Premium membership, you can edit it, print it out, and sign it with RocketSign®. Alongside your Promissory Note Form, you also will find a series of next steps you should take once your document is finished.
Does a Promissory Note Due on a Specific Date need to be notarized or witnessed?
Neither witnesses nor notarization are legally required for your Promissory Note Form.