A Joint and Several Promissory Note is commonly used when multiple parties need to secure a loan together, but the lender wants assurance that any single borrower can be held responsible for the entire debt. This document is particularly relevant in business partnerships, family loans, or real estate transactions where multiple borrowers are involved. The note must comply with U.S. federal regulations including the Truth in Lending Act and state-specific usury laws. It includes essential terms such as principal amount, interest rate, payment schedule, and default provisions, while clearly stating the joint and several nature of the obligation.
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1. Parties: Identification of all makers (co-borrowers) and the payee
2. Promise to Pay: Clear statement of joint and several obligation to repay specified amount
3. Payment Terms: Principal amount, interest rate, payment schedule, and maturity date
4. Joint and Several Liability Statement: Express statement that each maker is fully responsible for entire debt
5. Default Provisions: Conditions constituting default and consequences
6. Governing Law: Specification of applicable state law
1. Collateral: Description of security interest if note is secured - use when note is secured by property or assets
2. Prepayment Terms: Conditions and penalties for early payment - use when prepayment restrictions apply
3. Late Payment Provisions: Penalties and grace periods for late payments - use when specific late payment terms are desired
1. Payment Schedule: Detailed amortization table showing payment dates and amounts
2. Collateral Description: Detailed description of any securing assets (only for secured notes)
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