The Balloon Promissory Note is a specialized financial instrument commonly used in Singapore when parties require flexible payment structures. This document type is particularly useful when the borrower expects increased future income or plans to refinance. The note must comply with Singapore's Moneylenders Act and Contracts Act, specifying the principal amount, interest rate, payment schedule, and the significant final balloon payment. It typically includes both regular periodic payments and a larger final payment, making it suitable for business expansion, property acquisition, or equipment financing scenarios where cash flow management is crucial.
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1. Promise to Pay: Fundamental commitment to repay the principal amount with clear statement of the borrower's obligation
2. Principal Amount: Explicit statement of the loan amount in both numerical figures and words
3. Interest Rate: Specification of the interest rate, calculation method, and compliance with Singapore usury laws
4. Payment Schedule: Details of regular payment amounts and timing, including the final balloon payment structure
5. Maturity Date: Specific date when the balloon payment becomes due and the note matures
6. Place of Payment: Designation of where and how payments should be made
7. Late Payment Terms: Consequences and fees for late payments in accordance with Singapore regulations
1. Security Provisions: Details of any collateral or security interests securing the note, including description and terms of the security
2. Prepayment Terms: Conditions and procedures for early repayment, including any prepayment penalties or benefits
3. Default Provisions: Specific consequences of default, acceleration clauses, and remedies available to the note holder
4. Assignment Clause: Terms governing the transfer or assignment of the note to other parties
5. Governing Law: Explicit statement of Singapore law as governing law and jurisdiction for disputes
1. Payment Schedule: Detailed schedule showing all payment dates, regular payment amounts, and the final balloon payment
2. Security Details: Comprehensive description of any collateral or security interests (if applicable)
3. Amortization Schedule: Detailed breakdown showing the allocation of each payment between principal and interest
4. Notice Details: Contact information and acceptable methods for serving notices between parties
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