Contra Costa California Pagaré de Préstamo Comercial Garantizado por Bienes Inmuebles - Promissory Note for Commercial Loan Secured by Real Property

• Category: Pagarés - Garantizados - Alaska
• State: Multi-State
• County: Contra Costa
• Control #: US-1166BG
• Format: Word

Description

A promissory note is a written promise to pay a debt. It is an unconditional promise to pay on demand or at a fixed or determined future time a particular sum of money to or to the order of a specified person or to the bearer. The Contra Costa California Promissory Note for Commercial Loan Secured by Real Property is a legal document that outlines an agreement between a lender and a borrower for a commercial loan. This note serves as evidence of the borrower's promise to repay the loan amount along with any accrued interest within a specified period. In Contra Costa County, California, there are different types of promissory notes specifically designed for commercial loans secured by real property: 1. Fixed-Rate Promissory Note: This type of promissory note entails a fixed interest rate that remains unchanged throughout the loan term. Borrowers and lenders prefer this option as it offers predictability and stability in loan payments. 2. Adjustable-Rate Promissory Note: Also known as an ARM, this note allows the interest rate to fluctuate based on a predetermined index. The interest rate adjustments typically occur at regular intervals, providing the potential for lower payments initially and potentially higher payments in the future. 3. Balloon Promissory Note: A balloon note involves the repayment of interest and principal in fixed monthly installments for a specific period; however, a balloon payment is due at the end of the term. This option is often used when a borrower expects to have substantial funds available to make the balloon payment or intends to sell or refinance the property prior to the due date. 4. Interest-Only Promissory Note: This type of note allows the borrower to make interest-only payments for a specified period, typically ranging from a few months to several years. Subsequently, the borrower must begin making payments towards the principal as well as the interest. 5. Demand Promissory Note: A demand note grants the lender the right to request full repayment of the loan amount at any time without providing a specific due date. This type of note is often utilized in short-term loans and lines of credit. 6. Non-Recourse Promissory Note: A non-recourse note limits the lender's ability to collect on the loan to the property securing the loan. In the event of borrower default, the lender's only recourse is the property itself, and they cannot pursue the borrower's personal assets. These Contra Costa California Promissory Notes for Commercial Loan Secured by Real Property provide legal protection to both the borrower and the lender, ensuring that the terms and conditions of the loan are understood and adhered to. It is crucial for all parties involved in a commercial loan transaction to carefully review and understand the contents of the promissory note before signing to avoid any potential disputes or issues in the future.

The Contra Costa California Promissory Note for Commercial Loan Secured by Real Property is a legal document that outlines an agreement between a lender and a borrower for a commercial loan. This note serves as evidence of the borrower's promise to repay the loan amount along with any accrued interest within a specified period. In Contra Costa County, California, there are different types of promissory notes specifically designed for commercial loans secured by real property: 1. Fixed-Rate Promissory Note: This type of promissory note entails a fixed interest rate that remains unchanged throughout the loan term. Borrowers and lenders prefer this option as it offers predictability and stability in loan payments. 2. Adjustable-Rate Promissory Note: Also known as an ARM, this note allows the interest rate to fluctuate based on a predetermined index. The interest rate adjustments typically occur at regular intervals, providing the potential for lower payments initially and potentially higher payments in the future. 3. Balloon Promissory Note: A balloon note involves the repayment of interest and principal in fixed monthly installments for a specific period; however, a balloon payment is due at the end of the term. This option is often used when a borrower expects to have substantial funds available to make the balloon payment or intends to sell or refinance the property prior to the due date. 4. Interest-Only Promissory Note: This type of note allows the borrower to make interest-only payments for a specified period, typically ranging from a few months to several years. Subsequently, the borrower must begin making payments towards the principal as well as the interest. 5. Demand Promissory Note: A demand note grants the lender the right to request full repayment of the loan amount at any time without providing a specific due date. This type of note is often utilized in short-term loans and lines of credit. 6. Non-Recourse Promissory Note: A non-recourse note limits the lender's ability to collect on the loan to the property securing the loan. In the event of borrower default, the lender's only recourse is the property itself, and they cannot pursue the borrower's personal assets. These Contra Costa California Promissory Notes for Commercial Loan Secured by Real Property provide legal protection to both the borrower and the lender, ensuring that the terms and conditions of the loan are understood and adhered to. It is crucial for all parties involved in a commercial loan transaction to carefully review and understand the contents of the promissory note before signing to avoid any potential disputes or issues in the future.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.