In consideration of full payment of the promissory note dated. A Payoff Letter memorializes a debtor and lender's agreement regarding a debt obligation's early payment and termination.Section 12.01 Future tax laws regarding plan loans will be incorporated into this loan policy and the Promissory Note. Article XIII. Enforcement. For a standard form of payoff letter, with integrated drafting tips and explanatory notes, see Standard Document, Payoff Letter.