Non-Negotiable Long Form Promissory Note

A Non-Negotiable Long Form Promissory Note under USA law is a legal template that outlines and formalizes a financial agreement between a lender and a borrower. This document is typically used when a substantial amount of money is being loaned between parties in the United States and when both parties are in agreement that the terms of the loan are non-negotiable.

The template details the terms and conditions of the loan, including the principal amount being borrowed, the interest rate applied to the loan, the repayment schedule, and any additional charges or fees. It also includes clauses related to events of default, late payment penalties, and the consequences for non-payment.

By using a Non-Negotiable Long Form Promissory Note, both the lender and borrower can have a clear understanding of their rights and obligations. The document serves as a legally binding contract, offering protection to both parties involved in case of disputes or disagreements.

It is important to note that this legal template complies with USA law and specific state requirements. However, it can be customized with additional clauses or specific terms to meet the unique needs of the lender and borrower, as long as both parties agree to the modifications.