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LIMITED RECOURSE PROMISSORY NOTE This Limited Recourse Promissory Note (the Note) is entered into as of the day of 2012, between the HAILEY URBAN RENEWAL AGENCY, a public body, corporate and politic,
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How to fill out bpromissory noteb - city
How to fill out a promissory note - city:
01
Begin by entering the date on which the promissory note is being filled out. It is important to have a clear and accurate date for reference.
02
Identify the parties involved in the promissory note. This includes the borrower, who is the individual or entity borrowing the money, and the lender, who is the individual or entity providing the loan. Include their full names and contact information.
03
Specify the principal amount being borrowed. This is the total amount of money that the borrower is obligated to repay to the lender. Write this amount in both numerical and written words to avoid any confusion.
04
State the interest rate and terms of payment. Clearly define the interest rate that will be charged on the borrowed amount and how the borrower is expected to make the payments (e.g. monthly, quarterly, etc.). Include the due date for the first payment and any subsequent payment dates.
05
Include any additional terms or conditions. If there are any specific terms or conditions that apply to the loan, make sure to mention them clearly in the promissory note. This may include late payment penalties, prepayment options, or any other relevant details.
06
Have both parties sign the promissory note. Ensure that the borrower and lender sign the document to indicate their agreement to the terms outlined in the promissory note. It is also beneficial to have witnesses present and sign the document.
Who needs a promissory note - city:
01
Individuals who are lending money to others and want a legal document to ensure repayment.
02
Small businesses or entrepreneurs who are providing financing to clients or partners.
03
Those involved in real estate transactions, such as landlords or property owners, who require a legal document to outline loan or rent agreements.
04
Financial institutions, including banks or credit unions, who frequently engage in lending activities and need standardized documentation.
05
Individuals or entities who have previously experienced difficulties with repayment and want to formalize their arrangements to ensure future adherence.
Remember to always consult with a legal professional or accountant familiar with the regulations in your city to ensure that your promissory note is legally binding and enforceable.
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