Letter of Balloon Note

Letter of Balloon Note : Please fill out the following form. Please print your completed form if you would like to have a copy for your records.

FOR VALUE RECEIVED, the undersigned promise to pay to the order of (name of the person who is to receive amount) the sum of (amount) Dollars ($_____________) with annual interest of 12% on any unpaid balance.

This note shall be paid in 25 consecutive and equal installments of $1200 each with a first payment one year / month / week from date hereof, and the same amount on the same day of each year / month / week thereafter, provided the entire principal balance and any accrued but unpaid interest shall be fully paid on or before (date with year). This note may be prepaid without penalty. All payments shall be first applied to interest and the balance to principal.

This note shall be due and payable upon demand of any holder hereof should the undersigned default in any payment beyond 7 days of its due date. All parties to this note waive presentment, demand and protest, and all notices thereto. In the event of default, the undersigned agree to pay all costs of collection and reasonable attorneys’ fees. The undersigned shall be jointly and severally liable under this note.

Signed this day of (date with year) :

Signed in the presence of :

Witness :

Witness :

Maker :

Maker :

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    Letter of Balloon Note
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