Article Entitled: Balloon Mortgage Note
BALLOON MORTGAGE NOTE
$_______(1)_________ ______________(2)_____________
______________(3)_____________
FOR VALUE RECEIVED, the undersigned, (jointly and severally, if
more than one) promises to pay to _____(4)________, of
__________(5)_____________, or order, in the manner hereinafter
specified, the principal sum of _______(6)__________ Dollars
($__________) 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.
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