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Exercise Extreme Caution when using many of our free forms - or any legal material. While they may provide general ideas on format & content, validity requirements can and do vary greatly from state to state. Many MUST be Properly Modified for your own location and circumstances. (Hint: If in doubt it's usually safer to include unneeded clauses than to leave out necessary ones. . . . but it's even safer to consult a competent source or use current, state specific ones like ours mentioned below.) Also, we urge people (and lawyers too) to read our Relying On Legal Info FAQ.

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PROMISSORY NOTE - BALLOON

_________________,20___

FOR VALUE RECEIVED, I, We, the undersigned ____________, (Borrower) promises to pay to __________________(Lender) the sum of ________________($ ) together with interest thereon at the rate of ______ (____%) percent per annum payable as follows:

______months after the date hereof and from month to month thereafter for ______months until _______, 20___, payments of interest only shall be due and payable in the amount of $________ and a final payment in the amount of $_______.

This Note may be prepaid in whole or in part at any time without premium or penalty. All prepayments shall be applied first to interest, then to principal payments in the order of their maturity.

The undersigned agrees to pay all costs and expenses, including all reasonable attorneys' fees, for the collection of this Note upon default. All payments shall be made at
_________________________________________, or at such other place as the holder hereof may from time to time designate in writing.

Each maker, surety, guarantor and endorser of this Note waives presentment, notice and protest, all surety ship defenses and agrees to all extensions, renewals, or releases, discharge or exchange of any other party or collateral without notice.

______________________________ ____________________________
Witness Borrower

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