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Ohio Unsecured Promissory Note Template

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The Ohio unsecured promissory note helps to ensure the borrower in a money-lending transaction repays the lender in a timely fashion and is clear on the terms and conditions of the agreement. This note is unsecured, meaning the lender does not receive security if the borrower fails to recover after entering into default.

How to Write

Step 1 – Enter the current date, the full names and addresses of the borrower and lender, the full balance of the note, and the note’s interest rate.

Step 2 – Head to section one (1) and select the payment method for the transaction. The three options consist of: No Installments (borrower makes a single payment at a predetermined date that covers the entire balance with the addition of interest), Installments (borrower makes payments either weekly or monthly to the lender), or Interest Only Payments (borrower makes payments that consist of only interest every week or month to the lender).

Step 3 – For the second (2) and third (3) sections, begin by entering the date that the entire balance must be paid by. Then, enter the interest rate that the borrower will have to follow if he or she enters into default on the balance.

Step 4 – In the sixth (6) section, enter the amount of days that need to pass after a payment due date is left unpaid before a late fee can be issued. Then, enter the dollar amount of a late fee.

Step 5 – Fro the seventh (7) section, enter the time frame that must pass after default has occurred before acceleration can go into effect. Acceleration requires the borrower to pay all outstanding debt immediately.

Step 6 – To finish the template and put it into full legal effect, enter the following information on the last page:

  • Current Date
  • Lender’s Printed Name
  • Lender’s Signature
  • Borrower’s Printed Name
  • Borrower’s Signature
  • Printed and Signed Names of the Witness

 


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