In the financial world, the Note Demand form plays a crucial role, enabling a structured agreement between a borrower and a note holder regarding the repayment of a loan. By putting terms in writing, this form outlines the promise from the borrower to repay the specified principal amount, with an agreed-upon interest rate, to the note holder upon demand. Unlike traditional loans that have fixed repayment schedules, the demand feature of this promissory note gives the note holder the flexibility to request repayment at any time, providing a layer of security and control over the investment. Furthermore, the form includes provisions for prepayment without penalty, and it requires the borrower's consent for the note to be assumable. In addition to specifying the conditions under which the note holder can demand repayment, it clearly details the consequences of defaulting on payments, emphasizing the borrower's responsibility for collection costs, including court costs and attorney fees, should such unfortunate events occur. The note also simplifies matters by waiving common banking formalities such as demand, presentment for payment, and notice, thereby streamlining the repayment process. With its signature and printed name, the borrower validates the agreement, cementing the commitment to adhere to the terms laid out in the Note Demand form.
| Question | Answer |
|---|---|
| Form Name | Note Demand Form |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | demand note template, promissory demand pdf, note demand, demand note form |
Promissory Note (on Demand)
$ __________
Dated: ______________________________ , 20 _____
For value received,
____________________________________________________ , Borrower,
address:
promises to pay ON DEMAND to
____________________________________________________ , Noteholder,
address:
the principal amount of $ __________ , with interest at the annual rate of __________ per-
cent, on any unpaid balance.
This note may be prepaid in whole or in part at any time without penalty. This note is not assum- able without the written consent of the Noteholder. The Borrower waives demand, presentment for payment, protest, and notice. In the event of such default of over __________________
days in making payment, the Borrower will be also be responsible for any costs of collection on this note, including court costs and attorney fees.
_____________________________
Signature of Borrower
_____________________________
Printed Name of Borrower