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TERM PROMISSORY NOTE July 1, 2011, Amount: Interest: Maturity: $650,000.00 Variable rate at 1.00% over the Prime Rate and subject to the Rate Restriction mentioned below. June 30, 2014, FOR VALUE

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What is term promissory note?

A term promissory note is a written promise to pay a specific amount of money on a specified date or upon demand.

Who is required to file term promissory note?

Individuals or entities who are borrowing or lending money and want to formalize the agreement.

How to fill out term promissory note?

To fill out a term promissory note, include the borrower's and lender's information, loan amount, interest rate, payment terms, and repayment schedule.

What is the purpose of term promissory note?

The purpose of a term promissory note is to legally document a loan agreement and ensure that the borrower repays the loan according to the agreed terms.

What information must be reported on term promissory note?

The term promissory note must include details such as the parties involved, loan amount, interest rate, repayment terms, and consequences of default.

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