Sample Promissory Note Balloon Letter

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PROMISSORY NOTE

For Value Received, [Borrower name], the ‘Borrower’, hereby pledges to pay [Lender name], the ‘Lender’, the sum of $[amount] (‘Principal) with interest in accordance with the interest and imbursement plan herein.
INTEREST –

Interest on the unpaid part of the Principal amount shall accumulate at the rate of [interest rate] % per annum from the date of this note.
PAYMENT –

The Borrower agrees to pay the principal balance and accumulated interest to the Lender in legal money of the United States in [installment numbers] equal [period] installments, due [due day] starting [first payment date], except the final payment which shall equivalent the balance of both principal and accumulated interest left unpaid, and which shall be due on [final payment due date].

Upon failure to pay by Borrower on any listed payment of principal or interest, the whole Principal amount and all accumulated interest shall, at the choice of the Lender, become payable immediately.

The Borrower may, at any time and without authorization or fine, prepay this Note in whole or in part, provided that Borrower accepts that such payment will be applied to any installments in reverse maturity order.

The Borrower agrees to pay any and all costs of collection that includes realistic attorney’s fees, in case such an action is required to gratify or leave all or a portion of this Note.

For [Borrower name]:

________________________________________ Date: _______________

Name: __________________________________ Title: _______________

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