This is a Promissory Note for your state. The promissory note is unsecured, with a fixed interest rate, and contains a provision for installment payments.
A promissory note template in California with a co-maker is a legally binding document that outlines the terms and conditions of a loan agreement between a lender and borrower, where a co-maker guarantees repayment if the borrower is unable to fulfill their obligations. This type of promissory note provides an added level of security for the lender by involving a co-maker with a secondary obligation to repay the loan. There are several variations of promissory note templates in California with a co-maker, depending on the specific situation or loan requirements. Some common types include: 1. Secured Promissory Note with Co-Maker: This template is used when the borrower pledges collateral, such as real estate or a vehicle, to secure the loan. The co-maker acts as a guarantor, ensuring repayment if the borrower defaults. 2. Unsecured Promissory Note with Co-Maker: In cases where no collateral is involved, this template is utilized. The co-maker provides an additional layer of security by promising to repay the loan if the borrower fails to do so. 3. Demand Promissory Note with Co-Maker: This template allows the lender to demand full repayment of the loan at any time. The co-maker shares the responsibility and can be pursued by the lender if the borrower defaults or fails to fulfill the demand. 4. Installment Promissory Note with Co-Maker: This template divides the loan repayment into regular installments, including principal and interest. The co-maker's obligation extends to the entire repayment period, ensuring the lender receives payments as per the agreed-upon schedule. 5. Balloon Promissory Note with Co-Maker: This template involves regular payments based on a specific schedule, with a larger final payment known as a balloon payment. The co-maker guarantees the fulfillment of all payment obligations, including the balloon payment if the borrower fails to pay. When using a promissory note template in California with a co-maker, it is crucial to include relevant details such as the loan amount, interest rate, repayment terms, late payment clauses, and the responsibilities of both the borrower and co-maker. Legal consultation is recommended to ensure compliance with California's specific laws and regulations surrounding promissory notes.
