Types of promissory note template, sample or form: Simple, real estate, blank, mortgage, master, medicaid, secured, Freddie Mac, payoff agreement, legally binding note.
Important Information for a Real Estate Promissory Note Template Sample:
PROMISSORY NOTE TEMPLATE
_____________________, 20____. _________________(City), ____________(State)
In return for a loan that I received, I ___________________________, promise to pay $ _______,___. (_______________________________), (The Principal), plus interest (if any), to the order of the Lender ______________________________________ (Lender’s Name).
Borrower shall pay interest at a rate of _________% on unpaid principal until the full amount of principal has been paid.
Borrower shall pay principal and interest by making payments every ______ (month, week).
Borrower shall make ___________ (monthly, weekly) payments on the first day of each ___________ beginning on ___/___/___.
Borrower shall make these payments every ________ until he/she have paid all of the principal and interest and any other charges described on this Note that Borrower may owe. The payments will be applied to interest before principal.
If on ______________, 20___, Borrower shall still own amounts under this note, those amounts must be paid in full on that date, which is called the “maturity date.”
Borrower shall make monthly payments at ________________________ or at a different location if required by the Lender/Note Holder.
The monthly payments will be in the amount of US$ _______________. (this amount may change due to late fees, interest, and other late charges.) Changes in this monthly payment will reflect changes in the unpaid principal of the loan and in the interest rate that must be paid.
In order to reduce the amount of principal, Borrower may choose to make full or partial prepayments without any prepayment charges.
If the note holder has not received the full amount of any payment by the end of _______ calender days after the date the note is due. Borrower shall pay a late charge to the note holder in the amount of ____% of the overdue payment of principal and interest.
Borrower must pay this late charge only once on each late payment.
If the Borrower does not pay the full amount of each monthly payment on the due date, he/she will be in default and the lender may send a written notice informing borrower that if he/she does not pay the overdue amount by a certain date, the lender may require the full amount of principal to be paid immediately including all the interest that he/she owes on that amount.
If borrower fails to make the payments prior to the expiration of this period, lender may invoke any remedies permitted by law in order to collect the remaining amount owned.
All costs and expenses in enforcing this note to the extend not prohibited by applicable law shall be paid by the borrower. These expenses include all court costs, collection agencies costs, and reasonable attorney fees.
This promissory note shall be governed by the laws of the State of _______________, and any questions arising under this agreement shall be construed or determined according to such law.
Signature of Witness
Signature of Witness
Signature of Borrower
On, __________________, before me _______________________ a notary public in and for said state, personally appeared before me ______________________ who is personally known to me or proved on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument, and acknowledged to me that he/she executed the same in his/hers authorized capacity and that by his/her signature on the instrument, the persons, or entity upon behalf of which the person acted, executed the instrument.
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