A Maine Promissory Note is a written promise to pay a specified amount of money to a designated person or entity at a defined time. This legal document serves as a record of the debt and outlines the terms of repayment. Understanding its components is essential for both lenders and borrowers in Maine.
In the state of Maine, a Promissory Note serves as a vital financial instrument that outlines the terms of a loan between a borrower and a lender. This document clearly specifies the amount borrowed, the interest rate, and the repayment schedule, ensuring both parties understand their obligations. It can be tailored to fit various situations, whether for personal loans, business financing, or real estate transactions. Additionally, the Promissory Note may include provisions for late fees, default conditions, and the rights of the lender in case of non-payment. By utilizing this form, individuals and businesses can establish a legally binding agreement that protects their interests and clarifies expectations, making it an essential tool for responsible borrowing and lending in Maine.
This Maine Promissory Note is a written promise to pay a specified sum of money to a designated person or entity. It is governed by the laws of the State of Maine, including but not limited to the Maine Uniform Commercial Code. Please ensure all provided information is accurate and complete.
Date: ________________
Amount of Note: $________________
The undersigned Borrower promises to pay to the order of ________________ (the "Lender"), the principal sum of ________________ dollars ($________________) with interest at the rate of ________________ percent per annum on any unpaid balance.
1. Payment Schedule: Payments will be made to the Lender beginning on ________________, and on the ________________ day of each month thereafter until the principal and interest are paid in full. The final payment, due on ________________, will be in the amount of $________________.
2. Prepayment: The Borrower reserves the right to prepay this Note (in whole or in part) prior to its due date with no prepayment penalty.
3. Late Fees: If any installment payment is more than ________________ days late, a late fee of $________________ will be added to the balance owed.
4. Default: In the event of default, the Lender has the right to demand immediate payment of the entire remaining balance of this Note (principal and accrued interest), plus any additional charges due.
5. Governing Law: This Note shall be governed under the laws of the State of Maine.
Borrower's Information:
Lender's Information:
IN WITNESS WHEREOF, the Borrower has executed this Promissory Note on the date first above written.
Borrower's Signature: ________________
Printed Name: ________________
Lender's Signature: ________________
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