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This document outlines the terms of a promissory note issued as part of the Eagle County Down Payment Assistance Program, detailing the obligations of the borrower to repay a loan designed to assist in the purchase of a primary residence. It includes sections on borrower promises, interest rates, payment schedules, and consequences of non-compliance.
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What is promissory note?
A promissory note is a financial instrument that contains a written promise by one party to pay a specified amount of money to another party under defined terms.
Who is required to file promissory note?
The party that creates the promissory note, known as the maker, is typically required to file it, especially when it is associated with a loan or formal debt agreement.
How to fill out promissory note?
To fill out a promissory note, include the date, names and addresses of the borrower and lender, the principal amount, interest rate, repayment terms, payment schedule, and signature of the borrower.
What is the purpose of promissory note?
The purpose of a promissory note is to serve as a legally binding document that outlines the terms of a loan agreement, ensuring that both parties understand the financial obligation.
What information must be reported on promissory note?
Information that must be reported on a promissory note includes the amount borrowed, interest rate, repayment schedule, the names of both parties, and the date of the agreement.
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