Installment Outline Promissory Note
Installment Outline Promissory Note
Borrower:
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Name: William Ong
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Address: 23 Maple Street, Springfield, IL 62701
Lender:
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Name: [Your Name]
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Address: Lender's Complete Address
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Email: [Your Email]
LOAN DETAILS
Principal Amount: $Insert Amount
Annual Interest Rate: Insert Interest Rate%
Loan Purpose: Specify the Purpose of the Loan, e.g., personal, business, etc.
1. PROMISE TO PAY
The Borrower hereby unconditionally promises to pay the Lender the principal sum of $ Insert Amount, together with interest accrued as specified in this note, according to the terms outlined herein.
2. INSTALLMENT PAYMENT TERMS
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Total Number of Payments: Insert Total Number of Payments
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Payment Frequency: Payments shall be made on a Insert Frequency, e.g., monthly, or quarterly basis.
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Payment Amount: Each installment payment shall be $ Insert Amount.
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Payment Schedule: Payments are due on the Insert Day of the Month, e.g., 1st of each month, beginning on Insert Start Date and continuing until the final payment due date of Insert End Date.
3. METHOD OF PAYMENT
Payments shall be made via one of the following methods:
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Check (made payable to [Your Name])
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Bank Transfer (details to be provided by the Lender)
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Other: Specify Method
4. LATE PAYMENT POLICY
If any installment payment is not received by the Lender within Insert Grace Period, e.g., 10 days of the due date, a late fee of $ Insert Amount will be incurred.
5. PREPAYMENT OPTIONS
The Borrower may prepay this note in full or in part at any time without incurring any penalty. Any prepayments will be applied to the principal balance of the loan.
6. DEFAULT CLAUSE
If the Borrower fails to make any payment within Insert Grace Period, e.g., 30 days after the due date, the Lender has the right to declare the entire remaining balance, including accrued interest, immediately due and payable.
7. GOVERNING LAW
This Promissory Note shall be governed by and construed following the laws of the State of Insert State. Any disputes arising under this agreement shall be resolved in the appropriate courts of Insert County/State.
SIGNATURES
By signing below, the parties acknowledge and agree to the terms outlined in this Installment Outline Promissory Note.
Borrower's Signature:
William Ong
Borrower
Lender's Signature:
[Your Name]
Lender
