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Preview - Michigan Promissory Note Form
Michigan Promissory Note Template
This Promissory Note is made under the laws of the State of Michigan.
For value received, the undersigned, [Borrower Name], residing at [Borrower Address], promises to pay to the order of [Lender Name], in the principal sum of [Principal Amount] dollars ($[Numeric Amount]), with an interest rate of [Interest Rate] percent per annum.
The terms and conditions of this Promissory Note are as follows:
- Payment Schedule: Payments shall be made in the following manner: [Payment Details].
- Maturity Date: The full amount shall be due on [Maturity Date].
- Late Payment: If a payment is not received within [Number of Days] days of the due date, a late fee of [Late Fee Amount] will be applied.
- Prepayment: The Borrower may prepay this Note without penalty.
- Governing Law: This Note shall be governed by the laws of the State of Michigan.
This Note is binding upon the Borrower and its successors and assigns. The Lender may transfer this Note, and the obligations under this Note shall remain in force in accordance with its terms.
In witness whereof, the parties have executed this Promissory Note as of the [Date].
Borrower Signature: ___________________________
Lender Signature: ___________________________
Witness Signature: ___________________________
Print Name: [Witness Name]
Date: [Date]
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Similar forms
- Loan Agreement: Like a promissory note, a loan agreement outlines the terms under which money is borrowed and specifies the repayment schedule.
- Mortgage: A mortgage is similar in that it involves a promise to repay a loan, but it is secured by real estate, providing additional protection to the lender.
- Installment Agreement: This document details a plan for repayment over time, similar to a promissory note, but often includes specific terms about the payment amounts and schedule.
- Lease Agreement: While primarily for renting property, a lease agreement can also include payment terms and obligations similar to those found in a promissory note.
- General Power of Attorney Form: For individuals seeking to empower someone to act on their behalf, the comprehensive General Power of Attorney document outlines the necessary legal authority and responsibilities granted to the agent.
- Secured Note: A secured note is akin to a promissory note but includes collateral to back the loan, offering more security to the lender.
- Personal Guarantee: This document involves a promise from an individual to repay a debt if the primary borrower defaults, similar to the obligations in a promissory note.
- Debt Settlement Agreement: This agreement outlines the terms under which a borrower agrees to pay a reduced amount to settle a debt, reflecting some of the same principles as a promissory note.