Promissory Note Installment Short Form - Are you offering a financial “loan” of a substantial amount? Planning to allow your payee to
make weekly or monthly payments?
If so, you need to get the details together in a formal letter.
If you’re looking for a letter that isn’t lengthy, but still includes all of the necessary details, this is the one to use!
If by chance there is anything additional you’d like to add, go for it!
If not, you can easily use this one as is.
Don’t spend hours trying to compose a letter when you don’t have to!
[Installment Note - Short Form]
FOR VALUE RECEIVED, the undersigned jointly and
severally promise to pay to the order of _, the sum of _ [$_] Dollars, together
with interest thereon at the rate of _% per annum on any unpaid balance. Said
sum, inclusive of interest, shall be paid in _ [monthly/weekly] installments of
$_ each, with a first payment due _, 19_, and a like amount on the same day of
each [month/week] thereafter until the full amount of this note and accrued
interest shall be fully paid. All payments shall be first applied to accrued
interest and the balance to principal. The undersigned reserves the right to
pre-pay this note in whole or in part without penalty. This note shall be fully
payable upon demand of any holder in the event the undersigned shall default in
making any payments due under this note within _ days of its due date. In the
event of any default, the undersigned agreed to pay all reasonable attorney
fees and costs of collection to the extent permitted by law. This note shall
take effect as a sealed instrument and be enforced in accordance with the laws
of the payee's state.