Promissory note

Promissory note

Could someone please help me out here before 4p.m. est with this promissory note. I need to know exactly what and how to fill in the blanks with being that it's only me involved in the deal with the seller, what should I omit and what not to it is below:


$______________ Dated_____________
Principal Amount State of: Orem, Utah

In installments as herein stated, for value receive, we jointly and severally, promise to pay ________________________________________________, Husband and wife, or order, at ____________________________________________, the sum of ________________________, with interest from _______________________________
on unpaid principal at the rate of __________%( ) per cent per annum, interest payable in installments of __________________ or more on the _____ day of each ____________ , beginning on the ______ day of ________________ and continuing until ___________________ at which time all principal and accrued interest shall be due and payable in full.

This note may be prepaid in whole or in part at any time without penalty.

In the event of sale, alienation or conveyance of all or any portion of the property described in the mortgage securing this note, whether voluntary or involuntary and irrespective of the maturity dates expressed herein, and indebtedness or obligation hereunder, at the option of the holder, shall immediately become due and payable.

Should the holder of the note, for reason, wish to take payment in full or in part of this note, in advance of the maturity date, they may do so with forty-five days advance notice to the parties, herein, without payment or penalty.

Should default be made in payment of any installment of principal or interest when due the whole sum of principal and interest shall, at the option of the holder of this note, become immediately due. Principal and interest payable in lawful money of the United States. If action be instituted on this note we promise to pay such sum as the Court may fix as attorney fee. This note is secured by a Promise to Pay and will be amended and secured by a property, to be determined within (90) days.


Bryant Slade


Each blank is a variable. you would need to provide all the numbers and info for your deal to be able to fill it in. Also, having a RE attorney on your team is very important (in my opinion) for covering some of these legal docs and even preparing them. I would recommend sitting down with your attorney to go over these.
If you would like to provide some info, I could show you what goes where if I get back in here in the next few days. But it would take some time to think about how to word just a "definition" to put in each blank.

Wish you the best on all your REI! Smiling



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