Gresham Oregon Satisfaction of Promissory Note is a legal document that serves to officially acknowledge the repayment and settlement of a promissory note in Gresham, Oregon. This document acts as evidence that the borrower has fulfilled their financial obligations and the lender's rights to collect further payments have been terminated. A Satisfaction of Promissory Note in Gresham, Oregon typically includes several key elements. Firstly, it states the names and contact details of both the borrower and the lender involved in the original promissory note agreement. The document also includes the date of the promissory note, the loan amount, the interest rate, and the maturity date. Additionally, the Satisfaction of Promissory Note will specify the exact repayment amount settled, which usually includes the principal amount borrowed, any accrued interest, and any other charges or fees agreed upon. This payment amount is usually calculated to reflect the outstanding balance at the time of repayment. It is essential to note that Gresham, Oregon may have different types of Satisfaction of Promissory Note depending on the specific circumstances. These types might include: 1. Final Satisfaction of Promissory Note: This type of satisfaction is used when the borrower has made a final payment to completely settle the outstanding debt, indicating that no further repayments are required. 2. Partial Satisfaction of Promissory Note: When the borrower makes a partial payment to reduce the outstanding balance, a partial satisfaction document is necessary. This acknowledges the decrease in the amount owed and may also outline any remaining balance and their updated terms. 3. Satisfaction of Promissory Note due to Loan Assumption: In cases where the original borrower transfers the promissory note obligation to another party through loan assumption, a satisfaction document is crucial to release the original borrower from liability. 4. Satisfaction of Promissory Note for Early Repayment: If the borrower decides to repay the promissory note before the agreed-upon maturity date, a satisfaction of promissory note for early repayment may be used. This document confirms that the debt has been fully repaid ahead of schedule. In conclusion, Gresham Oregon Satisfaction of Promissory Note is a legal declaration utilized to confirm the completion and finalization of a promissory note agreement in Gresham, Oregon. Whether it involves a final settlement, partial payment, loan assumption, or early repayment, this document ensures that both the borrower and the lender are aware of the debt's resolution. It is essential to consult with legal professionals familiar with Oregon state laws to ensure compliance and accuracy in preparing and executing such documents.