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The Florida Promissory Note form serves as a crucial financial document for individuals and businesses alike, facilitating the borrowing and lending process in a clear and structured manner. This form outlines the terms under which one party, the borrower, agrees to repay a specific amount of money to another party, the lender. Key elements typically included in the form are the principal amount, interest rate, repayment schedule, and any applicable late fees. The document also specifies whether the note is secured or unsecured, which can significantly impact the lender's rights in case of default. Furthermore, it may include provisions for prepayment, allowing the borrower to pay off the loan early without penalties. Clarity in these terms helps prevent misunderstandings and provides a solid foundation for the financial relationship between the parties involved. Overall, the Florida Promissory Note form is an essential tool that ensures both borrowers and lenders are on the same page regarding their financial obligations and rights.
Form Example
Florida Promissory Note
This promissory note (the "Note") is governed by the laws of the State of Florida and is executed on this _____ day of _______________, 20____.
Borrower Information:
- Name: ___________________________________
- Address: ___________________________________
- City, State, ZIP: ___________________________________
- Phone Number: ___________________________________
- Email Address: ___________________________________
- Name: ___________________________________
- Address: ___________________________________
- City, State, ZIP: ___________________________________
- Phone Number: ___________________________________
- Email Address: ___________________________________
Principal Amount: The principal amount of this Note is ________________________ Dollars ($_________).
Interest Rate: The annual interest rate for this Note is ____%.
Under the laws of the State of Florida, the interest rate on this Note must not exceed the maximum rate permitted by law.
Payment:
- The total amount owing, principal plus interest, shall be paid in _________ (_____) payments of $___________ each.
- Payments shall commence on ___________________, 20____, and shall be due on the same day of each subsequent month until the principal and interest are paid in full.
- Payment shall be made to the Lender at the address listed above or at such other place as the Lender may designate in writing.
Prepayment: Borrower may prepay this Note in whole or in part at any time without penalty.
Late Fee: If any payment is more than ____ days late, Borrower will be charged a late fee of $______.
Default: In the event of default, the Borrower will be given ____ days notice to cure the default. Failure to cure the default within this period may result in acceleration of the debt, making the entire balance of principal and interest immediately due and payable at the option of the Lender.
The Borrower hereby waives demand, presentment for payment, protest, and notice of protest and nonpayment of this Note.
This Note may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
This Note is subject to the exclusive jurisdiction of the courts of Florida and is to be construed in accordance with the laws of the State of Florida, without giving effect to its conflict of laws principles.
IN WITNESS WHEREOF, the parties have executed this Note on the date first above written.
_________________________________
Borrower's Signature
_________________________________
Printed Name
_________________________________
Lender's Signature
_________________________________
Printed Name
Form Specifications
| Fact Name | Description |
|---|---|
| Definition | A Florida Promissory Note is a written promise to pay a specific amount of money to a designated person or entity at a specified time or on demand. |
| Governing Law | The Florida Uniform Commercial Code (UCC) governs promissory notes in the state of Florida, specifically under Title 1, Chapter 673. |
| Types | Promissory notes can be secured or unsecured. A secured note is backed by collateral, while an unsecured note relies solely on the borrower's promise to repay. |
| Essential Elements | Key components of a valid promissory note include the principal amount, interest rate, repayment schedule, and signatures of both the borrower and lender. |
| Enforceability | To be enforceable, a promissory note must be clear and definite in its terms. Ambiguities can lead to disputes and potential legal challenges. |
Some Other Florida Forms
Affidavit for Gifting a Car Florida - It serves to legally distinguish a gift from a loan or sale, outlining that no repayment is expected or required by the giver.
Non-disclosure - A contract preventing the disclosure of confidential data to third parties.
Florida Homeschool Graduation Requirements - It serves as a formal exit from the conventional schooling system, setting the stage for a customized educational journey at home.