If you're funding a loan to a friend or family member which will be secured by a mortgage, you will also need to have them sign this Fixed Rate Promissory Note for Florida.
- The Note provides for equal monthly payments of principal and interest up until the maturity date, at which time any unpaid balance will be paid in full.
- The borrower agrees to pay a late charge on any payment that is not made when it is due.
- There is an acceleration clause which stipulates that if the borrower is in default under the note, the note holder has the option to demand repayment of the entire outstanding balance of principal and interest in 30 days.
The Florida Fixed Rate Mortgage Note
is a downloadable MS Word template. Convenient and easy to use.