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Small
Business Home >> Useful
Standard Legal Documents >>
Balloon Payment Mortgage Note Form
$_______(1)_________ ______________(2)_____________
______________(3)_____________
FOR VALUE RECEIVED, the undersigned, (jointly and severally,
if more than one) promises to pay to _____(4)________, of
__________(5)_____________, or order, in the manner hereinafter
specified, the principal sum of _______(6)__________ Dollars
($__________) with interest from date at the rate of ___(7)___
percent (_____%) per annum on the balance from time to time
remaining unpaid. The said principal and interest shall be
payable in lawful money of the United States of America at
the address stated above, or at such place as may hereafter
be designated by written notice from the holder to the maker
hereof, on the date and in the manner following:
Principal and interest payments of $____(8)_____ each, due
on or before the __(9)__ day of each month, beginning ______(10)________,
19_(11)_, and continuing each month thereafter for a period
of _(12)_ years.
Then on _____(13)______, simultaneously with the payment
of the _(14)_ monthly payment, the full amount of unpaid principal,
plus accumulated interest and any advances made, shall balloon
and become immediately and fully due and payable, without
demand.
This note with interest is secured by a mortgage on real
estate, of even date herewith, made by the maker hereof in
favor of the said payee, and shall be construed and enforced
according to the laws of the State of ____(15)_______. The
terms of said mortgage are by this reference made a part hereof.
If default be made in the payment of any of the sums or interest
mentioned herein or in said mortgage, or in the performance
of any of the agreements contained herein or in said mortgage,
then the entire principal sum and accrued interest shall at
the option of the holder hereof become at once due and collectible
without notice, time being of the essence; and said principal
sum and accrued interest shall both bear interest from such
time until paid at the highest rate allowable under the laws
of the State of ____(16)________.
Failure to exercise this option shall not constitute a waiver
of the right to exercise the same in the event of any subsequent
default.
Each person liable hereon whether maker or endorser, hereby
waives presentment, protest, notice, notice of protest and
notice of dishonor and agrees to pay all costs, including
a reasonable attorney's fee, whether suit be brought or not,
if, after maturity of this note or default hereunder, or under
said mortgage, counsel shall be employed to collect this note
or to protect the security of said mortgage.
Whenever used herein the terms "holder", "maker"
and "payee" shall be construed in the singular or
plural as the context may require or admit.
"Maker"
____________(17)___________
NOTICE
The information in this document is designed to provide an
outline that you can follow when formulating business or personal
plan. Due to the variances of many local, city, county and
state laws, we recommend that you seek professional legal
counseling before entering into any contract or agreement.
If this document is of use
to you, please provide a link back to Hoover Web Design.
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