The Future Advance Promissory Note is commonly used in situations where funding needs are anticipated but the exact timing or amounts are not yet determined. This document, governed by U.S. federal and state laws, establishes the framework for both initial and future borrowing, including maximum loan amounts, interest rates, repayment terms, and conditions for additional advances. It provides flexibility for ongoing funding while maintaining clear legal obligations and protections for all parties involved.
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1. Loan Amount and Promise to Pay: Specifies the maximum loan amount and borrower's unconditional promise to repay the principal sum plus interest
2. Interest Rate: States the applicable interest rate, calculation method, and compounding frequency
3. Payment Terms: Outlines payment schedule, payment methods, and allocation of payments between principal and interest
4. Future Advance Provisions: Details conditions and procedures for obtaining additional advances under the note, including maximum amount and timing
5. Default Provisions: Defines events of default, cure periods, and consequences of default including acceleration of the debt
1. Security Interest: Provisions detailing any collateral securing the note and the lender's rights regarding the security
2. Prepayment Provisions: Terms governing early repayment options, including any prepayment penalties or requirements for notice
3. Draw Procedures: Specific procedures and requirements for requesting and receiving future advances under the note
4. Late Payment Provisions: Details of late payment fees and consequences of late payments
1. Payment Schedule: Detailed schedule showing payment dates, amounts, and allocation between principal and interest
2. Draw Schedule: Timeline and conditions for future advances, including any minimum or maximum draw amounts
3. Collateral Description: Detailed description of any assets securing the note, including identification numbers or legal descriptions
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