Promissory Note Template Ohio

Disclaimer

The following document is intended solely as a general example for creating a legally recognized borrowing agreement within the state of Ohio. It does not constitute legal advice and should not be relied upon as a substitute for consulting a qualified attorney specializing in Ohio contract law or real estate finance. Laws and regulations may vary depending on the specific circumstances and jurisdiction, and adjustments may be required to ensure compliance with local requirements. The use of this example 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 is a sample promissory note template for Ohio. Please note that actual terms may vary depending on specific circumstances and legal advice should be sought for final drafting.

Sample Promissory Note – Ohio

Parties:

Maker (Borrower): Emily Johnson
Address: 789 Maple Drive, Columbus, OH 43215

Payee (Lender): Michael Lee
Address: 456 Oak Street, Columbus, OH 43210

Loan Amount:

The Borrower promises to pay the Lender the principal sum of $5,000, with interest at the rate of 5% per annum.

Repayment Terms:

The Borrower shall repay the loan in monthly installments of $200 each, beginning on __________________ and continuing until the total amount, including interest, is repaid in full. Payments shall be made by check or electronic transfer.

Collateral:

This loan is unsecured, or specify collateral if applicable: _______________________________.

Governing Law:

This agreement shall be governed by and construed in accordance with the laws of the State of Ohio. Any disputes shall be resolved in the courts of Franklin County, Ohio.

Additional Terms:

• Prepayment of the loan may be made at any time without penalty.
• If a payment is more than 15 days late, the Borrower shall pay a late fee of $25.
• Both parties agree to keep records of all payments made under this agreement.

Columbus, Ohio, ______________________