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CBG 2018 PIGGYBACK PROGRAM GAP FINANCING NOTE US $, 2018FOR VALUE RECEIVED, a Louisiana (Borrower) promises to pay to the order of THE LOUISIANA HOUSING CORPORATION (“LHC), the principal sum of
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How to fill out piggyback promissory note
How to fill out piggyback promissory note
01
To fill out a piggyback promissory note, follow the steps below:
02
Begin by entering the date at the top of the promissory note.
03
Identify the parties involved by entering the names and contact information of the borrower and lender.
04
Specify the loan amount and the terms of repayment, including the interest rate and repayment schedule.
05
Include any additional provisions or conditions, such as late fees or penalties for default.
06
Both parties should carefully review the document and make sure they agree with all the terms and conditions.
07
Sign and date the promissory note to make it legally binding.
08
Keep a copy of the fully filled-out and signed promissory note for your records.
Who needs piggyback promissory note?
01
A piggyback promissory note may be needed by individuals or businesses who are involved in a loan agreement where multiple lenders are providing funds to the borrower.
02
Some common scenarios where a piggyback promissory note is used include:
03
- Homebuyers who use a combination of a primary mortgage loan and a second mortgage to fund the purchase of a property.
04
- Business owners who secure financing from multiple investors or lenders to fund their operations or expansion.
05
- Individuals who borrow money from friends or family members and want to create a formal agreement to protect both parties' interests.
06
In these situations, a piggyback promissory note serves as a legal document that outlines the terms of the secondary loan or the additional lenders' interests.
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What is piggyback promissory note?
A piggyback promissory note is a secondary note that is added to the primary promissory note.
Who is required to file piggyback promissory note?
The borrower and the lender are required to file the piggyback promissory note.
How to fill out piggyback promissory note?
The piggyback promissory note can be filled out by entering the relevant information about the additional terms or conditions.
What is the purpose of piggyback promissory note?
The purpose of a piggyback promissory note is to add additional terms or conditions to the original promissory note.
What information must be reported on piggyback promissory note?
The piggyback promissory note must include details about the additional terms, conditions, or agreements made between the borrower and lender.
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