Set terms for a loan to be paid in installments: Promissory Note with Installment Payments
What is a Promissory Note with Installment Payments?
When to use a Promissory Note with Installment Payments:
- You're a lender and prefer installment payments from borrowers.
- You're a borrower and are agreeing to a loan with installments.
- You're in the business of loans or manage a loan company.
Sample Promissory Note with Installment Payments
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INSTALLMENT PROMISSORY NOTE
| Date: |
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 at , , (or at such other place as the Lender may designate in writing), the sum of with
. TERMS OF REPAYMENT
in full on (the "Due Date"). in installments of interest only beginning on , and continuing until (the "Due Date"), at which time the remaining unpaid principal and interest shall be due in full. in installments of , beginning on , and continuing until (the "Due Date"), at which time the remaining unpaid principal and interest shall be due in full. Unpaid principal after the Due Date shall accrue interest at a rate of % annually until paid.in full on (the "Due Date"). in installments of , beginning on , and continuing until (the "Due Date"), at which time the remaining unpaid principal shall be due in full. Unpaid principal after the Due Date shall accrue interest at a rate of % annually until paid.and accrued interest
. Acceleration of Debt. If any payment obligation under this Note is not paid when due, the remaining unpaid principal balance shall become due immediately at the option of the Lender.
. 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.
. DEFAULT
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:
A) the failure of the Borrower to pay the principal and any accrued interest when due;
B) the death of the Borrower or Lender;
C) the filing of bankruptcy proceedings involving the Borrower as a debtor;
D) the application for the appointment of a receiver for the Borrower;
E) the making of a general assignment for the benefit of the Borrower's creditors;
F) the insolvency of the Borrower;
G) a misrepresentation by the Borrower to the Lender for the purpose of obtaining or extending credit.
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.
. MISCELLANEOUS
All payments of principal and any 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.
. GOVERNING LAW
This Note shall be construed in accordance with the laws of the
. SIGNATURES
This Note shall be signed 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.
Borrower:
| By: | Date: |
Dated: _________________________
By:____________________________________________________
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 with Installment Payments FAQs
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How can I prepare a Promissory Note with Installment Payments online?
It is very simple to get what you need using a free Promissory Note with Installment Payments template from Rocket Lawyer:
- Make your Promissory Note - Answer a few general questions and we will do the rest
- Send or share it - Discuss the document with a lawyer, if needed
- Sign it - Sign your Promissory Note online and make it legal
Any Promissory Note with Installment Payments from Rocket Lawyer can be tailored to address your particular scenario. To get started, simply click on the "Make document" button. Your document will be built piece by piece so you can be certain that it contains all of the appropriate information.
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Do I need an attorney for my Promissory Note with Installment Payments?
Making a Promissory Note with Installment Payments is generally straightforward, but you could still have legal questions. Finding someone to double-check your document might take a long time if you try to do it alone. An easier approach could be to request help from Rocket Lawyer attorney services. Rocket Lawyer Premium members have the ability to request a document review from an attorney with relevant experience or get answers to other questions. As always, you can Live Confidently® with Rocket Lawyer by your side.
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How much would it typically cost to make a Promissory Note with Installment Payments?
The cost of hiring and working with a conventional legal provider to write a Promissory Note with Installment Payments could be anywhere between two hundred and one thousand dollars, depending on where you are located and how complex the matter may be. Different from most other Loan Agreement template websites that you may come across, Rocket Lawyer provides Premium members up to 40% in savings when hiring a lawyer, so an attorney can act on your behalf if you ever need assistance.
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Will there be any additional steps that I will need to take after I have written my Promissory Note with Installment Payments?
After creating this customized Promissory Note with the help of Rocket Lawyer, you'll be able to retrieve it on any device, anytime. You are encouraged to try any of these actions related to your document: making edits, saving it as a PDF document or Word file, printing it out, and signing it with RocketSign®. Attached to each Promissory Note with Installment Payments, there's also a set of tips on what comes next after your document is completed.
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Does a Promissory Note with Installment Payments need to be notarized or witnessed?
Witnesses and notarization are not legally required for your Promissory Note with Installment Payments.
A promissory note can be helpful whenever you are lending or borrowing money and want to document the details of the transaction. You should consider getting the details in writing whenever you're entering into a significant agreement. After all, while it's an inconvenience if your friend doesn't pay back the $20 he owes you, it's an entirely different problem if you have disagreements over the original terms of a five-figure loan. Getting the details in writing can help save you headaches down the road.
