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."
Los Angeles California Letter Tendering Full Payment of Existing Balance of Promissory Note Due to Acceleration or Prepayment of Note: Dear [Lender's Name], I am writing this letter to express my intention and provide a detailed explanation regarding the full payment of the existing balance of the promissory note, as a result of acceleration or prepayment of the note. As per the terms and conditions outlined in the promissory note agreement, I am exercising my right to pay off the remaining balance in its entirety. [Include relevant details about the promissory note such as the date it was signed, the principal amount, the interest rate, and any additional terms and conditions.] I understand that the accelerated or prepayment of the note may have implications, but I am prepared to fulfill all obligations and responsibilities associated with this transaction. I trust that this written notice will serve as a transparency tool to both parties involved, ensuring a smooth and efficient process. In accordance with the promissory note agreement and applicable laws governing such matters in Los Angeles, California, I am hereby tendering full payment for the outstanding balance of $[insert amount] on [insert date], as per the acceleration or prepayment provision. [If there are any additional provisions or instructions related to the payment, mention them here.] Furthermore, I kindly request that you provide me with an updated statement of account depicting the full payment received and any interest or penalties waived or adjusted accordingly. Once I receive this statement, I will acknowledge and verify the accuracy of the information provided. Lastly, I would appreciate your prompt response to this letter, confirming your acceptance of the full payment and any additional steps required from my end. I intend to settle this matter swiftly and diligently, ensuring a seamless conclusion to our business relationship. Thank you for your attention and cooperation. I look forward to your positive response and the successful closure of this promissory note. Sincerely, [Your Name] [Your Address] [City, State, ZIP Code] [Contact Information: Phone Number, Email Address] Additional types of Los Angeles California Letter Tendering Full Payment of Existing Balance of Promissory Note Due to Acceleration or Prepayment of Note may include: 1. Los Angeles California Letter Tendering Full Payment of Existing Balance of Promissory Note Due to Acceleration Clause Activation: This type of letter is used when the borrower triggers the acceleration clause in the promissory note, allowing them to pay off the outstanding balance before the designated maturity date. 2. Los Angeles California Letter Tendering Full Payment of Existing Balance of Promissory Note Due to Prepayment Option: This type of letter is applicable when the borrower exercises their right to prepay the outstanding balance of the promissory note, as stipulated in the agreement. It signifies the borrower's intention to pay off the loan earlier than its designated term. 3. Los Angeles California Letter Tendering Full Payment of Existing Balance of Promissory Note Due to Voluntary Repayment: This type of letter is utilized when the borrower decides to make a full repayment of the outstanding balance on the promissory note voluntarily, without any specific clauses or options triggering the payment.Los Angeles California Letter Tendering Full Payment of Existing Balance of Promissory Note Due to Acceleration or Prepayment of Note: Dear [Lender's Name], I am writing this letter to express my intention and provide a detailed explanation regarding the full payment of the existing balance of the promissory note, as a result of acceleration or prepayment of the note. As per the terms and conditions outlined in the promissory note agreement, I am exercising my right to pay off the remaining balance in its entirety. [Include relevant details about the promissory note such as the date it was signed, the principal amount, the interest rate, and any additional terms and conditions.] I understand that the accelerated or prepayment of the note may have implications, but I am prepared to fulfill all obligations and responsibilities associated with this transaction. I trust that this written notice will serve as a transparency tool to both parties involved, ensuring a smooth and efficient process. In accordance with the promissory note agreement and applicable laws governing such matters in Los Angeles, California, I am hereby tendering full payment for the outstanding balance of $[insert amount] on [insert date], as per the acceleration or prepayment provision. [If there are any additional provisions or instructions related to the payment, mention them here.] Furthermore, I kindly request that you provide me with an updated statement of account depicting the full payment received and any interest or penalties waived or adjusted accordingly. Once I receive this statement, I will acknowledge and verify the accuracy of the information provided. Lastly, I would appreciate your prompt response to this letter, confirming your acceptance of the full payment and any additional steps required from my end. I intend to settle this matter swiftly and diligently, ensuring a seamless conclusion to our business relationship. Thank you for your attention and cooperation. I look forward to your positive response and the successful closure of this promissory note. Sincerely, [Your Name] [Your Address] [City, State, ZIP Code] [Contact Information: Phone Number, Email Address] Additional types of Los Angeles California Letter Tendering Full Payment of Existing Balance of Promissory Note Due to Acceleration or Prepayment of Note may include: 1. Los Angeles California Letter Tendering Full Payment of Existing Balance of Promissory Note Due to Acceleration Clause Activation: This type of letter is used when the borrower triggers the acceleration clause in the promissory note, allowing them to pay off the outstanding balance before the designated maturity date. 2. Los Angeles California Letter Tendering Full Payment of Existing Balance of Promissory Note Due to Prepayment Option: This type of letter is applicable when the borrower exercises their right to prepay the outstanding balance of the promissory note, as stipulated in the agreement. It signifies the borrower's intention to pay off the loan earlier than its designated term. 3. Los Angeles California Letter Tendering Full Payment of Existing Balance of Promissory Note Due to Voluntary Repayment: This type of letter is utilized when the borrower decides to make a full repayment of the outstanding balance on the promissory note voluntarily, without any specific clauses or options triggering the payment.
