Promissory notes
Michigan Promissory Note - Installment
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Promissory Note - Installment (Multiple States) - A Promissory Note establishes the Borrower’s obligation to repay a debt back with interest. This document sets forth the amount of the loan, terms of the loan, the interest rate, the payment schedule and the rights and obligations of the lender and borrower. It also states that the loan is to be repaid in monthly payments of a set amount until paid back in full. This form allows the borrower to repay the loan back at any time without a penalty. This package contains (1)Instructions & Checklist for Installment Promissory Note; (2) Information for Installment Promissory Note; and (3) Installment Promissory Note. This form can be used in all States.
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Michigan Promissory Note - Installment - Secured
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When a person or entity (“Lender”) loans money to another person or entity (“Borrower”), the loan is typically formalized with a promissory note. In this type of promissory note (a monthly-installment promissory note) the Borrower promises to repay the principal of the loan and accrued interest, if any, over a period time in equal monthly installments. A promissory note will set forth, among other things, the repayment schedule, the interest rate, and defaults.
Often the Lender will want some additional assurance, usually in the form of collateral, in case the Borrower fails to repay the loan. To ensure that that collateral is collectible in the case of a default, the parties will usually enter into another agreement—a security agreement. A security agreement sets out the rights of the Lender with regard to the collateral.
This form can be used in Michigan.
This package contains: (1) Instructions and Checklist for the Secured Installment Promissory Note (the “Note”) and the Security Agreement (the “Agreement”); (2) Information about the Note and Agreement; (3) the Note; and (4) the Agreement.
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Michigan Promissory Note - On Demand
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Promissory Note - On Demand (Multiple States) - A Promissory Note establishes the Borrower’s obligation to repay a debt back with interest. This document sets forth the amount of the loan, terms of the loan, the interest rate, and the rights and obligations of the lender and borrower. It also states that the loan is payable immediately upon demand of the lender. This form also allows the borrower to repay the loan back at any time without a penalty. This package contains (1)Instructions & Checklist for Promissory Note On Demand; (2) Information for Promissory Note On Demand; and (3)Promissory Note On Demand. This form can be used in all States.
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Michigan Promissory Note - On Demand - Secured
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When a person or entity (“Lender”) loans money to another person or entity (“Borrower”), the loan is typically formalized with a promissory note. In this type of promissory note (an on-demand promissory note) the Borrower promises to repay the loan and accrued interest, if any, at any time upon the request of the Lender. A promissory note will set forth, among other things, the repayment schedule, the interest rate, and defaults.
Often the Lender will want some additional assurance, usually in the form of collateral, in case the Borrower fails to repay the loan. To ensure that that collateral is collectible in the case of a default, the parties will usually enter into another agreement—a security agreement. A security agreement sets out the rights of the Lender with regard to the collateral.
This form can be used in Michigan.
This package contains: (1) Instructions and Checklist for the Secured On-Demand Promissory Note (the “Note”) and the Security Agreement (the “Agreement”); (2) Information about the Note and Agreement; (3) the Note; and (4) the Agreement.
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Michigan Promissory Note - Term- Secured
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When a person or entity (“Lender”) loans money to another person or entity (“Borrower”), the loan is typically formalized with a promissory note. In this type of promissory note (a term promissory note) the Borrower promises to repay the principal of the loan and accrued interest, if any, on or before a certain date in the future. A promissory note will set forth, among other things, the repayment schedule, the interest rate, and defaults.
Often the Lender will want some additional assurance, usually in the form of collateral, in case the Borrower fails to repay the loan. To ensure that that collateral is collectible in the case of a default, the parties will usually enter into another agreement—a security agreement. A security agreement sets out the rights of the Lender with regard to the collateral.
This form can be used in Michigan.
This package contains: (1) Instructions and Checklist for the Secured Term Promissory Note (the “Note”) and the Security Agreement (the “Agreement”); (2) Information about the Note and Agreement; (3) the Note; and (4) the Agreement.
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Michigan Promissory Note with Repayment Options - Secured
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When a person or entity (“Lender”) loans money to another person or entity (“Borrower”), the loan is typically formalized with a written promissory note. A promissory note will include, among other things, a repayment schedule, the interest rate, and defaults. The promissory note included in this packet gives the user a choice between three repayment options: on-demand, monthly installment and scheduled installment. You choose the option that is best for your situation.
In addition this packet includes a security agreement. Often, the Lender may want additional assurance that the Borrower will repay the loan. This assurance usually takes the form of collateral, property pledged as security for a debt. To ensure that that collateral is collectible in the case of a default, the parties will enter into a security agreement, an agreement that sets out the rights of the Lender with regard to the collateral. The security agreement included in this packet is designed to work together with the above promissory note.
This form can be used in Michigan.
This packet contains: (1) Instructions and Checklist for the Secured Promissory Note (the “Note”) and the Security Agreement (the “Agreement”); (2) Information about the Note and Agreement; (3) the Note; and (4) the Agreement.
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Michigan Promissory Note - Balloon Payment
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Installment Promissory Note with Final Balloon Payment - When a person or entity (“Lender”) loans money to another person or entity (“Borrower”), the loan is typically formalized with a promissory note. A promissory note will set forth, among other things, the repayment schedule, the interest rate, and defaults.
The Installment Promissory Note with Final Balloon Payment requires equal monthly payments (which include Principal and interest) with a final balloon payment (a final large payment that will include all of the remaining principal and interest).
This form can be used in Michigan.
This package contains: (1) Instructions & Checklist for Installment Promissory Note with Final Balloon Payment; (2) Information for Installment Promissory Note with Final Balloon Payment; and (3) Installment Promissory Note with Final Balloon Payment.