Promissory Note Template Michigan

Disclaimer

The provided document is intended solely as a general template for borrowing agreements within the state. It does not constitute legal advice and should not be relied upon as a substitute for consulting a qualified attorney specializing in financial or contractual law in Michigan. Laws and regulations may vary depending on the jurisdiction, and adjustments may be required to ensure compliance with local requirements. The use of this template is the sole responsibility of the user, and we assume no liability for any errors, omissions, or consequences arising from its use without professional review.

This sample Promissory Note for Michigan illustrates a general format and may vary slightly based on specific details and applicable laws. Adjust the content as needed for your particular situation.

Promissory Note Sample – Michigan

Parties:

Borrower: Michael Johnson
Address: 789 Pine Street, Detroit, MI 48201

Lender: Sarah Williams
Address: 456 Oak Avenue, Lansing, MI 48901

Loan Amount and Terms:

The Borrower promises to pay the Lender the principal sum of $10,000, with an annual interest rate of 5%. The total repayment shall be made in monthly installments of $200, starting on __________________ and ending on __________________.

Payment Schedule:

Payments shall be due on the first day of each month, beginning on __________________, until the full amount, including interest, is repaid.

Security:

This note is unsecured, or (if applicable) secured by the collateral described as __________________.

Default:

If the Borrower defaults in payment, the remaining balance shall become immediately due, and the Lender may pursue all legal remedies available under Michigan law.

Governing Law:

This promissory note shall be governed by and construed under the laws of the State of Michigan.

Additional Terms:

• The Borrower agrees to pay all applicable taxes, if any, related to this loan.
• The parties may modify this agreement only in writing signed by both parties.
• This note constitutes the entire agreement between the parties.

Detroit, Michigan, ______________________