Promissory Note - Installment

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This note is used when one person (Lender) lends money to another person (Borrower). It provides for installment payments until it is paid off.

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The Installment Promissory Note is designed for use to document the agreement of the borrower to repay a debt to the lender with interest. This legal form establishes the sum and terms of the loan, the rate of interest, the timetable for repayment, and the rights and duties of the lender and borrower. The Installment Promissory Note also allows the borrower to repay the loan based on a specified monthly payment schedule until the full amount of the debt has been satisfied. The borrower does have the option to repay the full amount of the debt at any time without incurring a penalty.

This legal document also helps protect the seller against possible problems in the future.

The Installment Promissory Note also contains detail instructions that guide you through each provision making it simple to easily understand the terms of your legal document.

These Important provisions are included in this Promissory Note:
  • Address of Borrower and Lender: Locates and identifies the parties and;
  • Terms of the Loan: Describes the amount, interest rate, payment schedule, obligation, and rights of both the borrower and lender;
  • Signature of borrower and date: Protects the Lender in case of a dispute.

Protect Yourself, Your Rights, and Your Property, with our up-to-date forms.

This lawyer prepared Installment Promissory Note includes:
  1. Step by step Instructions & Checklist for Installment Promissory Note;
  2. Information for Installment Promissory Note; and
  3. Installment Promissory Note
State Law Compliant: This form complies with the laws your state.
Number of Pages3
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#16478
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
Instructions & Checklist
Installment Promissory Note


[__]This package contains (1) Instructions & Checklist for Installment Promissory Note; (2) Information for Installment Promissory Note; and (3) Installment Promissory Note.

[__] The Borrower must sign and date the Installment Promissory Note

[__] Signature does normally not need to be witnessed or notarized.

[__] The Lender should keep the original Promissory Note containing the original signature of the Borrower. There should only be one original Promissory Note with the original signature.

[__] The Borrower should keep a copy of the Installment Promissory Note.

[__] When the Borrowers obligation under the Promissory Note is satisfied (i.e. the Note is paid off), the Lender should write “Cancelled”, “Satisfied in Full” or “Paid in Full” on the front face of the original Promissory Note and should then sign and date it. The original Promissory Note should then be given back to the Borrower.

[__] Laws vary from time to time and from state to state. It may be a good idea to have a lawyer review the completed Promissory Note before the Borrower signs it.

[__] These forms are not intended and are not a substitute for legal advice. These forms should only be a starting point for you and should not be used without consulting with an attorney first.

[__] The purchase and use of these forms, is subject to the Disclaimers and Terms of Use found at findlegalforms.com

Information
Installment Promissory Note


A Promissory Note creates an obligation for a Borrower to repay a loan back to a Lender together with a certain amount of interest.

Whenever a person lends money to another person, it is generally a good idea to have some document memorializing the transaction. The document should identify the parties, indicate the amount borrowed, the time for repayment, the rate of interest, conditions of default and any other necessary terms.

Just like any contract, a Promissory Note can help the Lender enforce repayment terms and can be useful in any effort necessary to collect the amount lent.

There are different types of Promissory Notes and countless different ways to structure a Note. Some Promissory Notes require a payment of the amount borrowed  (“Principal”) plus interest at once, while others require periodic payments of interest, followed by a lump sum payment of the amount borrowed.

This particular Installment Promissory Note requires equal monthly payments (which include Principal and Interest) until the Note is paid in full.

Please note that this information is not intended as and is not a substitute for legal advice

Installment Promissory Note

Amount $
Date

FOR VALUE RECEIVED, the undersigned, _______________________________ (Borrower), maintaining an address at _______________________________ (Borrower's Address) promises to pay to the order of ________________________________  (Lender), whose address is ______________________________________  (Lender's Address), the principal sum of $_____________ (Principal), together with interest of _____% (Interest Rate) per year thereon from the date herein.

The unpaid Principal and accrued interest shall be paid in monthly installments of $_______, with the first payment beginning on __________________ and continuing every month thereafter with a like amount on the same date each month until the full amount of this note and all accrued interest is paid in full.

All or any part of the Principal may be prepaid at any time and from time to time without penalty.  Payments shall be applied first to accrued interest and the balance to the Principal.  

In the event of any default by the Borrower in the payment of Principal or interest after demand is made, the unpaid balance of the Principal of this promissory note shall, at the option of the holder, become immediately due and payable. Any amount due at the time of default, shall accrue interest until payment at the rate of fifteen percent (15%) per year or the highest rate permitted by law, whichever is less.

Upon default in making payment within 7 days of demand, Borrower agrees to pay all reasonable legal fees and costs of collection to the extent permitted by law.

Borrower and all other persons who may become liable for the payment hereof severally waive demand, presentment, protest, notice of dishonor or nonpayment, notice of protest, and any and all lack of diligence or delays in collection, which may occur.

All payments hereunder shall be made to such address as may from time to time be designated by any holder and must be made in United States funds.

Borrower and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be paid in full and waive demand, presentment and protest and all notices hereto. Borrower further agrees to remain bound by this note notwithstanding any extension, modification, waiver, or other indulgence, failure, discharge or release of any obligation hereunder.

The holders failure to exercise any right or option hereunder does not constitute a waiver of any future right or option.  

No modification to this document or indulgence by any holder hereof shall be binding unless in writing.

If any provision of this Note is deemed unenforceable, in whole or in part, for any reason, the remaining provisions shall still remain in full force and effect.

This note shall take effect as a sealed instrument and is made and executed under, and is in all respects governed by, the laws of: _____________________________ (State).


_________________________________
(Signature of Borrower)

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Customer Reviews

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Reviews: 4


Delaware,

OH

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My need for a Promissory Note was satisfied completely in that it was being used to substantiate an agreement between two parties in the same legal family. It was short term (16 month)and was documentation of a "hand shake" finance arrangement among friends. As Borrower, I insisted on some documentation for the heirs benefit, in the event of an unexpected death of one of the involved parties.


Sacramento,

CA

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Straightforward form. Easy to follow, easy to use, easy to edit. Well priced. The underlined spaces require you to re-underline words you type into them, but that's no problem for someone who uses Word regularly.


Citrus Heights,

CA

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No Customer Comments


Silver Spring,

MD

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Handy


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