Balloon Mortgage Note

$_______(1)________              ____________(2)____________


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)________, 20_(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

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
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.




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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