A Promissory Note creates an obligation or contract for a borrower to repay a loan to a lender within a specified time and at a specific rate of interest. This Instalment Promissory Note with Final Balloon Payment requires equal monthly payments (including principal and interest) with a final balloon payment (a final payment which will include all remaining principal and interest). Having a written Instalment Promissory Note with Balloon Payment will prove invaluable if the borrower defaults or in the event of litigation.

Among others, this Promissory Note contains the following provisions:

• Amount and Date:This provision sets out the specific amount of money borrowed and the date the note was signed;
• Parties: This provision sets out the names of the borrower and the lender;
• Rate and Payment Provisions: This provision sets out the interest rate, the date payments are due and the date the note must be fully paid;
• Other Provisions: These provisions include prepayment and default penalties.

Protect Yourself and your Rights by using our professionally prepared up-to-date forms.

This lawyer-prepared packet includes:

1. General Information
2. Instructions and Checklist
3. Instalment Promissory Note with Final Balloon Payment for use in England and Wales

Law Compliance: This form complies with the laws of England and Wales