Blank Promissory Note Template for North Carolina
Contents
The North Carolina Promissory Note form is an important financial document that outlines the terms of a loan agreement between a borrower and a lender. This form serves as a written promise from the borrower to repay a specific amount of money, usually with interest, over a designated period. Key elements of the form include the names and addresses of both parties, the principal amount borrowed, the interest rate, and the repayment schedule. Additionally, it may specify the consequences of defaulting on the loan, which can include late fees or legal action. Understanding the structure and requirements of this form is crucial for anyone involved in a lending transaction in North Carolina, as it provides legal protection and clarity for both parties. By clearly outlining the expectations and responsibilities, the Promissory Note helps to prevent misunderstandings and disputes in the future.
Sample - North Carolina Promissory Note Form
North Carolina Promissory Note
This Promissory Note (the "Note") is governed by the laws of the State of North Carolina and is effective as of ____ [Insert Effective Date Here] ____. It is a binding agreement between the Borrower and the Lender. Please read carefully and fill in all the necessary blanks.
1. Parties to the Note
Borrower's Information:
Name: ____________________
Address: ____________________
City, State, Zip: ____________________
Phone Number: ____________________
Email: ____________________
Lender's Information:
Name: ____________________
Address: ____________________
City, State, Zip: ____________________
Phone Number: ____________________
Email: ____________________
2. Principal Amount
The principal amount borrowed under this Note is $____ [Insert Amount Here] ____.
3. Interest Rate
The annual interest rate on the principal amount is ____ [Insert Interest Rate Here] ____%.
4. Payment Schedule
Payments will be made as follows:
- First Payment Due Date: ____ [Insert Date Here] ____
- Monthly Payment Amount: $____ [Insert Amount Here] ____
- Number of Payments: ____ [Insert Number Here] ____
- Last Payment Due Date: ____ [Insert Date Here] ____
5. Prepayment
The Borrower may pay off the full amount of this Note or any outstanding balance at any time without penalty.
6. Late Fees
If a payment is more than ____ [Insert Number of Days] ____ days late, a late fee of $____ [Insert Amount Here] ____ will be applied.
7. Default and Acceleration Clause
If the Borrower fails to make any payments as per the agreed schedule, the Lender has the right to demand immediate payment of the remaining balance under this Note.
8. Governing Law
This Note will be governed under the laws of the State of North Carolina without regard to its conflict of law provisions.
9. Signatures
This agreement is not valid until signed by both the Borrower and the Lender. By signing below, both parties agree to the terms of this Note.
Borrower's Signature: ____________________ Date: ________
Lender's Signature: ____________________ Date: ________
File Specs
| Fact Name | Details |
|---|---|
| Definition | A North Carolina Promissory Note is a legal document in which one party promises to pay a specified sum of money to another party under agreed-upon terms. |
| Governing Law | The North Carolina Promissory Note is governed by the North Carolina General Statutes, specifically Chapter 25, which covers the Uniform Commercial Code. |
| Key Components | The note typically includes the principal amount, interest rate, payment schedule, and maturity date. |
| Signatures | Both the borrower and lender must sign the note for it to be legally binding. |
| Enforceability | To be enforceable, the note must meet certain criteria, including clarity of terms and mutual consent between parties. |
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