Grid Promissory Note for Multiple Loan Advances

Use this Balloon Promissory Note form in situations where the borrower is required to provide additional collateral besides the property being mortgaged.

• The borrower agrees to make monthly payments against the amount secured by the Note, until the date of the final payment.
• The final payment will be a balloon payment (in other words, a payment in full of the entire balance of principal and interest outstanding at that date).
• The note has an additional provision requiring the borrower to put up personal property or real estate as additional collateral security.
• This is a generic legal form which is not specific to any country, state or province.
• This template is available in MS Word format and is fully editable to meet your needs.

This Demand Promissory Note form is designed to help creditors in Canada document loans and safeguard their rights effectively.

It offers an easy-to-use format that accommodates a floating interest rate, ensuring flexibility and clear terms for both parties.

Interest Rate Calculation

The interest on the loan is calculated based on the current prime lending rate of the lender’s bank. This method ensures that the interest remains competitive and reflects prevailing market conditions.

Prepayment Terms

Borrowers have the option to prepay the loan at any time. Importantly, there are no penalties or premiums associated with early repayment, providing added flexibility for the borrower.

Form Accessibility and Reusability

The form is straightforward to fill out and can be printed for signature, making the documentation process simple and efficient. Users may utilize the form multiple times as needed for different loan arrangements.

Jurisdiction

This template is recognized as a legal form throughout Canada and can be used in any province or territory. For transactions in the Province of Quebec, a French language version of the form may be necessary to comply with local requirements.

How to Obtain the Form

To access the Demand Note form, simply add it to your cart and complete the checkout process. Upon successful transaction, your document will automatically download.

Overview of Canadian Term Promissory Note Template

This Term Promissory Note template is designed specifically for use within Canada. It provides a secure method for documenting the repayment of a loan and is suitable for individuals or businesses seeking a straightforward solution for loan agreements.

Repayment Structure

The Note permits the borrower to repay the loan amount through regular payments. Each payment consists of a blended portion of principal and interest, ensuring a consistent payment schedule throughout the loan period.

Interest Calculation

Interest on the outstanding loan balance is calculated monthly, and the total interest is compounded annually. This approach offers clarity in how interest accrues over the duration of the loan.

Format and Reusability

This template is a reusable legal form available in Microsoft Word format, allowing for easy editing and customization to meet specific needs. Once purchased, it can be downloaded and utilised as often as required, making it a convenient option for ongoing or future loan agreements.

Jurisdiction

This template is intended for use only in Canada and should not be used for loans outside Canadian jurisdiction.

If you are loaning money to someone, make sure you get paid back by having them sign this Demand Promissory Note.

• A demand promissory note is a note that must be repaid in full (including all interest) when the lender demands repayment.
• Interest on the principal amount accrues at a fixed rate and is calculated monthly.
• The principal can be prepaid by the borrower at any time without a penalty or premium being charged.
• The promissory note is a legal contract. When the borrower signs it, they are making a promise to repay the loan. If they don't pay it on time, you can take legal action.
• This is a generic legal form which is not country-specific.
• Download a free copy of the Demand Promissory Note and keep it handy for the next time you make a loan to anyone.