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In the world of finance and lending, clarity and security are paramount, especially when it comes to personal and business loans. The Illinois Promissory Note form serves as a crucial tool for borrowers and lenders alike, establishing a clear agreement on the terms of a loan. This straightforward document outlines the amount borrowed, the interest rate, and the repayment schedule, ensuring that all parties are on the same page. It also specifies the consequences of default, protecting the lender's interests while providing borrowers with a transparent understanding of their obligations. By utilizing this form, individuals and businesses can foster trust and accountability in their financial transactions, making it a vital component of responsible lending practices in Illinois. Understanding the nuances of this form can empower both borrowers and lenders to navigate their agreements with confidence.

Example - Illinois Promissory Note Form

Illinois Promissory Note Template

This Promissory Note (the "Note") is made in accordance with the Illinois Interest Act (815 ILCS 205/) and other applicable state laws.

Date: ________

Principal Amount: $________

Interest Rate: ________% per annum

Parties:

Lender: ________ with a mailing address of ________, ("Lender").

Borrower: ________ with a mailing address of ________, ("Borrower").

Repayment Terms:

  1. Repayment Type: ________ (e.g., amortized, interest only, lump sum).
  2. The Borrower shall repay the principal amount with interest by the due date of ________.
  3. Payments shall be made in the manner specified herein: ________ (detail the payment frequency and form).

Prepayment: The Borrower may prepay this Note in whole or in part at any time without penalty.

Late Fees: If any payment is more than ________ days late, a late fee of $________ will be added to the amount due.

Default: In the event of default, the Lender may demand the entire outstanding balance, including any accrued interest and late fees, to be immediately due and payable.

Governing Law: This Note shall be governed by the laws of the State of Illinois.

Signature:

Lender's Signature: ________

Borrower's Signature: ________

Date: ________

PDF Form Properties

Fact Name Details
Definition An Illinois Promissory Note is a written promise to pay a specified amount of money to a designated person or entity.
Governing Law The Illinois Uniform Commercial Code (UCC) governs promissory notes in the state of Illinois.
Requirements The note must include the amount to be paid, the payment terms, and the signatures of the parties involved.
Types Promissory notes can be secured or unsecured, depending on whether collateral is involved.
Interest Rates The interest rate must be clearly stated, and it cannot exceed the maximum rate allowed by Illinois law.
Enforceability For a promissory note to be enforceable, it must be clear and unambiguous in its terms.
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