A promissory Note is a signed document or a contract containing financial promise between two parties. The borrower/mortgagor promises to pay back the stated amount of money to a specific person and/or the lender/mortgagee at a specified date. Promissory Note also outlines when and how the amount will be returned. It contains all the terms pertaining to the loan detailing principal amount, interest rate, maturity date, date and place of insurance, penalties for default, contact information for each party, borrower’s signature and any essential information regarding the loan. Promissory Note is also known as IOU.
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