|
Utah Unsecured Promissory Note Template |
Learn how to draft the Utah Unsecured Promissory Note Template by reading the instructional guide posted on this page. The template is specifically designed to be used for drafting an unsecured promissory note. Unsecured notes can only be used if the borrower is not pledging assets (as collateral). The template can be downloaded in .PDF or Word format. The .PDF document can be filled out using Acrobat (or any program that can edit .PDFs).
How to Write
Step 1 – Download the template.
Step 2 – Submit the following details into the input fields of the first paragraph:
- Date
- Name/address of borrower
- Name/address of lender
- Principal sum
- Interest rating
Step 3 – Payments – Select the agreed upon payment method:
- No Installments
- Installments
- Interest Only
Step 4 – Due Date:
- Fill in the required information.
Step 5 – Interest Due in Event of Default – This subsection details the interest rate that will be charged to the borrower (should they default on the loan).
Step 6 – Late Fees:
- Enter the amount of time that the borrower will have to make a past-due payment (before a late fee will be charged).
- AND
- Submit the amount that will be charged.
Step 7 – Acceleration:
- Enter the number of days that will be provided to the borrower, after they have defaulted on the loan, to cure the default.
Step 8 – Signatures:
- Provide the date of the document’s signing.
- Enter the names of the borrower, lender, and witnesses.
- The borrower, lender, and witnesses must sign the document.
