Florida Promissory Note 5
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Florida Promissory Note 1

Florida Promissory Note

    A Florida Promissory Note is a formal contract between a lender and borrower in Florida signed in the presence of a witness where the borrower commits to paying back the money involved. Through our editable Florida Promissory Note template, you can lay out your demands to the borrower and enlist a favorable repayment period for them which, if defaulted, allows you to take further action. Obtain it for free today and avoid future problems with borrowers who fail to pay.

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Florida Promissory Note
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Florida Promissory Note

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Promissory notes are highly regarded in various states of the US, specifically when lending or borrowing money. Promissory notes offer both lender and borrower security that is needed to feel comfortable whenever giving a significant amount of money to any individual.

In Florida, it is essential for lenders to consider the credibility of the borrower and stipulate terms of how the loan exists between both parties. Therefore, promissory notes are used to best protect future conflicts with the borrower in case of any default on loan.

In this post, we will be discussing what Florida promissory note is and what it includes and its types. Let’s get started!

What Is a Florida Promissory Note?

In Florida, promissory note templates which are a set of legal documents are used by lender and borrower. Florida promissory note binds both parties into a legal contract which ensures that loaned money will be reimbursed to a lender on the agreed time.

Florida promissory notes give structure and security to the loan transaction. This note requires both lender and borrower to come to an agreement on various components like the amount of balance loaned, the due date to repay a loan, late fees, payment type, and so on.

Moreover, Florida promissory note template requires a witness to watch the signing of this legal document. Of note, under the Florida Statute Signing (§ 817.54), only the borrower’s signature is required on a document, specifically in the presence of a notary public.

Download an Easy to Edit Florida Promissory Note Template for Free

State stipulations in Florida require that a borrower signs a commitment to pay back borrowed money as a witness oversees it. Our customizable Florida Promissory Note sample reduces the time spent preparing this contract to ensure you have legal proof to recoup your money if not repaid in time. Download the sample now and create a legal binding agreement with all your borrowers.

What Important Information Is Included in Florida Promissory Note?

Florida promissory note needs the borrower to promise to repay the loan in agreement with terms and conditions. In this regard, Florida promissory note includes all essential information that is as follows:

  • The date on which promissory note was created between lender and borrower
  • The legal name of both lender and borrower along with their mailing address
  • Principal loan amount
  • Amount of interest that will be charged on money loaned
  • Amount of payment
  • Method of payment (monthly, weekly, or bi-weekly)
  • Penalties or late fees as charged by a lender on previous due payments
  • Signature of lender and borrower

In the state of Florida, there are no requirements for signing. However, only the borrower’s sign is recommended in the promissory note in the presence of witnesses.

Furthermore, Florida promissory notes include a specific usury rate. In general, Florida statutes put an upper limit of 18% interest rate per annum for loans under $500,000. At the same time, a 25% interest rate is placed on loans of more than $500,000.

Types of Florida Promissory Note

There are two main types of Florida promissory note.

Florida Secured Promissory Note

This legal document binds two entities (lender and borrower) into a legal contract ensuring that money loaned will be reimbursed to the lender. Florida secured promissory note needs both parties to come to an agreement on certain things like the amount of the principal loan, the due date to repay a loan, type of payment, late fees, etc.

More importantly, in a secured promissory note, both lender and borrower must agree on collateral items (asset or property). This collateral is used as security for borrowed money in case of any default.

When creating a secured Florida promissory note, the lender must mention the proper title for promissory notes. Otherwise, it will be difficult for a lender to claim for collateral.

Florida Unsecured Promissory Note

Another type of Florida promissory note is an unsecured promissory note. This document is used by the lender to outline the terms of the loan. Unlike secured promissory notes, the unsecured note is not backed by any collateral. The borrower does not pledge his/her asset in this note.

Moreover, this unsecured note enables the lender to ensure that he/she will receive interest revenue along with loan repayment in full. For this note to go into effect, both parties must agree with the established terms.

Florida unsecured promissory note is issued to a borrower when the lender feels that borrower has a credible financial history and the borrower will not default on the loan balance. However, this promissory does not guarantee reimbursement of a loan if the borrower fails to make a loan repayment.

Download an Easy to Edit Florida Promissory Note Template for Free

State stipulations in Florida require that a borrower signs a commitment to pay back borrowed money as a witness oversees it. Our customizable Florida Promissory Note sample reduces the time spent preparing this contract to ensure you have legal proof to recoup your money if not repaid in time. Download the sample now and create a legal binding agreement with all your borrowers.

Conclusion

In brief, Florida promissory notes are used by people who want to lend or borrow loans in Florida. You can choose any type of Florida promissory note depending on the credibility of your borrower.

If you have decided to lend money to your friend, family, or any business entity, you can avail of our great templates for Florida promissory notes. Visit our website CocoSign and download any template that suits your needs.

DOCUMENT PREVIEW

FLORIDA STANDARD PROMISSORY NOTE

 

On the ___ day of _______________, 20___, hereinafter known as the "Start Date", ___________________________ [Borrower’s Name] of ___________________

____________________________________________________ [Borrower’s Mailing Address], hereinafter known as the “Borrower”, has received and promises to payback ___________________________ [Lender’s Name] of __________________________

______________________________________________________ [Lender’s Mailing Address], hereinafter known as the “Lender”, the principal sum of _____________________ US Dollars ($_______________) with interest accruing on the unpaid balance at a rate of ___ percent (%) per annum, hereinafter known as the "Borrowed Money", beginning as of the Start Date in the manner as follows:

 

1. PAYMENTS: The full balance of this Note, including all accrued interest and late fees, is due and payable on the ___ day of _______________, 20___, hereinafter known as the "Due Date". 

 

  1. Installment(s). (check the applicable box)

 

- LUMP SUM – Borrower shall pay a lump sum to be made in-full, principal and interest included, of ________________________ Dollars ($__________________) by the Due Date.

 

- INSTALLMENTS – Borrower shall pay principal and interest in the amount of ________________________ Dollars ($__________________) on

 

  a weekly basis with any remaining balance payable on the Due Date.

  a monthly basis with any remaining balance payable on the Due Date.

  a quarterly basis with any remaining balance payable on the Due Date.

 

LATE FEE - There shall be a late payment fee of _____________ Dollars ($_____) if an installment is not paid on-time along with the default interest due, as described in Section 3, if the Lender does not receive the installment on the due date.

 

2. SECURITY: (check the applicable box)

 

- UNSECURE There shall be NO SECURITY provided in this Note.

 

- SECURE – There shall be Property described as ___________________________

________________________________ hereinafter known as the “Security”, which shall transfer to the possession and ownership of the Lender IMMEDIATELY pursuant to Section 6A of this Note. The Security may not be sold or transferred without the Lender’s consent until the Due Date. If Borrower breaches this provision, Lender may declare all sums due under this Note immediately due and payable, unless prohibited by applicable law. The Lender shall have the sole-option to accept the Security as full-payment for the Borrowed Money without further liabilities or obligations. If the market value of the Security does not exceed the Borrowed Money, the Borrower shall remain liable for the balance due while accruing interest at the maximum rate allowed by law.

 

3. INTEREST DUE IN THE EVENT OF DEFAULT: In the event the Borrower fails to pay the note in-full on the Due Date, unpaid principal shall accrue interest at the maximum rate allowed by law, until the Borrower is no longer in default. 

 

4. ALLOCATION OF PAYMENTS: Payments shall be first credited any late fees due, then to interest due and any remainder will be credited to principal.

 

5. PREPAYMENT: Borrower may pre-pay this Note without penalty.

 

6. ACCELERATION: If the Borrower is in default under this Note or is in default under another provision of this Note, and such default is not cured within the minimum allotted time by law after written notice of such default, then Lender may, at its option, declare all outstanding sums owed on this Note to be immediately due and payable.

 

6A. SECURITY - This includes any rights of possession in relation to the Security described in Section 2.

 

7. ATTORNEYS’ FEES AND COSTS: Borrower shall pay all costs incurred by Lender in collecting sums due under this Note after a default, including reasonable attorneys’ fees. If Lender or Borrower sues to enforce this Note or obtain a declaration of its rights hereunder, the prevailing party in any such proceeding shall be entitled to recover its reasonable attorneys’ fees and costs incurred in the proceeding (including those incurred in any bankruptcy proceeding or appeal) from the non-prevailing party.

 

8. WAIVER OF PRESENTMENTS: Borrower waives presentment for payment, notice of dishonor, protest and notice of protest.

 

9. NON-WAIVER: No failure or delay by Lender in exercising Lender’s rights under this Note shall be considered a waiver of such rights.

 

10. SEVERABILITY: In the event that any provision herein is determined to be void or unenforceable for any reason, such determination shall not affect the validity or enforceability of any other provision, all of which shall remain in full force and effect.

 

11. INTEGRATION: There are no verbal or other agreements which modify or affect the terms of this Note. This Note may not be modified or amended except by written agreement signed by Borrower and Lender.

 

12. CONFLICTING TERMS: The terms of this Note shall control over any conflicting terms in any referenced agreement or document.

 

13. NOTICE: Any notices required or permitted to be given hereunder shall be given in writing and shall be delivered (a) in person, (b) by certified mail, postage prepaid, return receipt requested, (c) by facsimile, or (d) by a commercial overnight courier that guarantees next day delivery and provides a receipt, and such notices shall be made to the parties at the addresses listed below.

 

14. CO-SIGNER: (check the appropriate box)

 

- NO COSIGNER This Note shall not have a Co-Signer.

 

- CO-SIGNER  This Note shall have a Co-Signer known as ___________________ [Name of Co-Signer] hereinafter known as the "Co-Signer", and agrees to the liabilities and obligations on behalf of the Borrower under the terms of this Note. If the Borrower does not make payment, the Co-Signer shall be personally responsible and is guaranteeing the payment of the principal, late fees, and all accrued interest under the terms of this Note. 

 

15. EXECUTION: The Borrower executes this Note as a principal and not as a surety. If there is a Co-Signer, the Borrower and Co-Signer shall be jointly and severally liable under this Note.

 

16. GOVERNING LAW: This note shall be governed under the laws in the State of Florida.

 

17. SIGNATURE AREA

 

 

Lender’s Signature ______________________ Date ___________________

 

Print Name ___________________

 

 

Borrower’s Signature ______________________ Date ___________________

 

Print Name ___________________

 

 

Co-Signer Signature ______________________ Date ___________________

 

Print Name ___________________

 

 

Witness Signature ______________________ Date ___________________

 

Print Name ___________________

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