A sample of an acceleration clause in a promissory note would be: "the failure to pay any installment when due shall mature the entire indebtedness at the option of the holder of this Note." A sample of a prepayment clause in a promissory note would be: "the undersigned may prepay the principal amount outstanding in whole or in part without penalty."
Illinois Letter Tendering Full Payment of Existing Balance of Promissory Note Due to Acceleration or Prepayment of Note [Your Name] [Your Address] [City, State, ZIP] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Re: Full Payment of Existing Balance of Promissory Note Due to Acceleration or Prepayment of Note Dear [Recipient's Name], I hope this letter finds you well. I am writing to formally tender the full payment of the existing balance of my Promissory Note, referenced [Promissory Note Number], due to the acceleration or prepayment of the note as stipulated in the terms and conditions of the agreement. As per the terms of the Promissory Note, I have elected to accelerate or prepay the remaining balance in full ahead of the agreed-upon maturity date. In accordance with the applicable provisions, I hereby tender the full payment of [Insert Amount in Words] dollars ($[Insert Amount in Numbers]), which represents the remaining balance, including all principal and accrued interest. To complete this payment, I have enclosed a certified check/demand draft for the aforementioned amount, issued by [Bank Name], payable to [Recipient's Name]. Please see the attached document for reference [Enclosure: Copy of Certified Check/Demand Draft]. Additionally, as required by law, I kindly request that you prepare and provide me with a full satisfaction and release of lien/release of security interest document within [Specify Timeline] from the date of receipt of this letter. This document should confirm that all obligations under the Promissory Note have been completely satisfied, and any liens or security interests related to the note are released. Furthermore, I request that you promptly return the original Promissory Note to me once the payment has been successfully processed and cleared. I trust that you will promptly acknowledge the receipt of this letter and take the necessary actions to conclude this matter efficiently. Should you have any additional requirements or require further information, please do not hesitate to contact me at [Your Phone Number] or [Your Email Address]. Thank you for your attention to this matter, and I appreciate your cooperation in processing this payment and completing the necessary documentation successfully. Yours sincerely, [Your Name]
