Promissory Note Template (Installment With Balloon Payment)

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PROMISSORY NOTE
(Installment with Balloon Payment)
In consideration of value received, the undersigned (hereinafter "Borrower") does
hereby promise to pay to ___________________________ (hereinafter "Lender"), the
amount of $___________________, upon which interest will accrue at ___________
percent per (x.xx%).
Borrowers agree to pay in conformity with these terms:
Monthly Payment:
$_________________
Number of Payments: _________________
Date of first payment: _________________
Payments:
_________________ (monthly, quarterly or annually)
Maturity Date:
_________________
Such payments shall be first applied to interest and then to the principal. Any remaining
balance shall be paid in full at maturity. This Note may be paid in full at any time
without penalty charges. Lender reserves the right to demand payment in full or in part,
together with interest accrued, at any time and for any reason as Lender deems a breach
of this contract.
In the event this Note shall be in default, and collection proceedings are instituted, then
the Borrowers agree to pay all reasonable attorney fees and costs of collection.
Payments not made within ______ days of due date shall be subject to a late charge of
$__________________.
The undersigned and all other parties to this Note, whether as endorsers, guarantors or
sureties waive demand, presentment and protest and all notices thereto and further
agree to remain bound, notwithstanding any extension, modification, waiver, or other
indulgence by any holder or upon the discharge or release of any obligor hereunder or

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