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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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