The Promissory Note With Balloon Payment is commonly used when borrowers need lower regular payments during the loan term but expect to have the means to make a larger payment at the end. This structure is particularly common in commercial real estate, business financing, and situations where the borrower anticipates a future windfall or refinancing opportunity. The document must comply with U.S. federal regulations and state-specific lending laws, typically including detailed payment terms, interest rates, default provisions, and the specific terms of the balloon payment.
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1. Promise to Pay: Clear statement of the debt amount and unconditional promise to repay
2. Payment Terms: Schedule of regular payments and details of balloon payment
3. Interest Rate: Specified interest rate and calculation method
4. Date and Place of Payment: When and where payments must be made
5. Default Provisions: Consequences of missing payments or other defaults
1. Security Interest: Details of collateral if the note is secured by specific assets
2. Prepayment Provisions: Terms and conditions for early repayment of the note
3. Late Payment Fees: Specifications for additional charges applied to late payments
1. Payment Schedule: Detailed schedule of all required payments including balloon payment
2. Amortization Schedule: Breakdown of principal and interest for each payment throughout the loan term
Relevant legal definitions
Principal Amount
Interest Rate
Payment Date
Maturity Date
Balloon Payment
Default
Default Rate
Business Day
Late Charge
Prepayment
Event of Default
Governing Law
Payment Location
Interest Calculation Period
Holder
Maker
Security Interest
Collateral
Permitted Assigns
Due Date
Regular Payment
Loan Documents
Notice
Interest Rate
Payment Date
Maturity Date
Balloon Payment
Default
Default Rate
Business Day
Late Charge
Prepayment
Event of Default
Governing Law
Payment Location
Interest Calculation Period
Holder
Maker
Security Interest
Collateral
Permitted Assigns
Due Date
Regular Payment
Loan Documents
Notice
Clauses
Relevant Industries
Relevant Teams
Relevant Roles
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A U.S. legal document that formalizes and documents the terms of a loan between family members.
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