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Fillable Form Texas Promissory Note Installment

Texas Promissory Note is a unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand or at a fixed or determinable future time, a sum certain in money, to or to the order of a specified person or to a bearer.

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What is the Texas Promissory Note Installment?

The Texas Promissory Note Installment is a contract between the Lender and the Borrower. It is a document that records all details of a money lending transaction where the lender agrees to loan money. The Borrower then promises to pay the loan according to the terms or conditions of the Note.

There are two kinds of Promissory Note Installment Template Texas:

  • Secured Promissory Note — A secured promissory note includes collateral. Collateral is given to the Lender if the borrower does not comply with the terms and conditions of the Note. It satisfies all or part of the outstanding balance. An example of collateral is a loan for a vehicle.
  • Unsecured Promissory Note — An unsecured promissory note does not include any collateral as payment for the loan.

You may download a PDF copy of the Texas Promissory Note Installment Template from websites that offer such document templates. But you may electronically fill it out on PDFRun for your convenience.

How to fill out the Texas Promissory Note Installment?

Enter the necessary information on the Promissory Note Installment Texas Template. Make sure that everything you provide is true, accurate, and correct.

Date

Enter the date.

Borrower

Enter the full legal name of the borrower.

Borrower’s Address

Enter the borrower’s complete address.

Payee

Enter the payee’s full legal name.

Place for Payment

Enter the place for payment.

Principal Amount

Enter the principal amount.

Term

Enter the term of payment.

Monthly Payments

Enter the monthly payment amounts.

Interest Rate

Enter the interest rate.

Payment Terms

This section states how the Texas Promissory Note Installment Letter should be due and demandable.

Number of payments

Enter the number of payments that should be made.

Monthly Payments

Enter the monthly payment amounts.

Month

Enter the month the payment is due and payable.

Year

Enter the year.

Total Principal Amount

Enter the principal amount.

Interest

Enter the interest per annum.

Borrower’s Prepayment Right

This section states that the borrower reserves the right to prepay the Promissory Note Installment Texas Form in whole or in part, prior to maturity, without penalty.

Place for Payment

This section states that the borrower promises to pay to the order of the Payee at the place for payment and according to the terms for payment, the principal amount plus interest at the rates stated above. All unpaid amounts shall be due by the final scheduled payment date.

Default and Acceleration Clause

This section states that if the Borrower defaults in the payment of the Texas Promissory Note or in the performance of any obligation, the default still continues after Payee gives the Borrower notice of the default and the time within which must be cured, the Payee may declare the unpaid principal balance and earned interest immediately due.

The Borrower and each surety, endorser, and guarantor waive all demands for payment, presentation for payment, notices of intentions to accelerate maturity, notices of acceleration of maturity, protests, and notices of protest as permitted by law.

Interest in Past Due Installments and Charges

This section states that all past due installments of the principal, interest, or all other past-due incurred charges shall bear interest after maturity at the maximum amount of interest permitted by the Laws of the State of Texas until paid.

Interest

This section states that the interest on this debt evidenced by the Texas Promissory Note Installment shall not exceed the maximum amount of non-usurious interest that may be contracted for, taken, reserved, charged, or received under law. Any interest in excess of the maximum shall be credited on the principal of the debt or refunded if the interest has been refunded.

It states further that on any acceleration or required or permitted prepayment, any such excess shall be canceled automatically as of the acceleration or prepayment or, if already paid, credited on the principal of the debt, or if the principal of the debt has been paid, refunded.

Form of Payment

This section states that any draft, check, Money Order or other instrument given in payment of all or any portion thereof may be accepted by the holder and handled in the collection in a customary manner.

Attorney’s Fees

This section states that if this Note is given to an attorney for collection or enforcement if someone brings a suit for collection or enforcement, or if it is collected or enforced through probate, bankruptcy, or other judicial proceedings, the Borrower shall pay the Payee all costs of collection and enforcement, including reasonable attorney’s fees and court costs in addition to other amounts due.

Severability

This section states that if any provision or the application of the Promissory Note Installment Texas shall be invalid or unenforceable, the remainder of the Note nor the application of the provision to other persons, entities, or circumstances shall be affected thereby, but instead shall be enforced to the maximum extent permitted by law.

Binding Effect

This section states that the obligations, covenants, and conditions herein contained shall be binding on and inure to the benefit of the heirs, legal representatives, and assigns of the parties.

Descriptive Headings

This section states that the descriptive headings used herein are for convenience of reference only and are not intended to have any effect in determining the rights or obligations under the Promissory Note Installment in Texas.

Construction

This section states that the pronouns used herein shall include, where inappropriate, either gender or both, singular and plural.

Governing Law

This section states that the Texas Promissory Note Installment Form shall be governed, construed, and interpreted by the Laws of the State of Texas.

Date

Enter the date of execution.

Borrower’s Signature

Have the borrower affix their signature.

Borrower’s Printed Name

Enter the borrower’s full legal name.

How to file the Texas Promissory Note Installment?

For the Texas Promissory Note Installment PDF to be valid, it must be signed by the Borrower in front of a notary public. The payee or the lender should keep the original promissory note and the borrower should have a copy of it.

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