Canadian lenders, secure repayment of a loan with this Installment Promissory Note
, which is backed by collateral belonging to the borrower.
- The principal and interest are to be repaid by a series of regular fixed installment payments.
- The borrower has the option to prepay the Note, but the lender will charge a prepayment premium (fee) if the loan is paid out before the due date.
- The Note contains an acceleration clause, i.e. if the borrower defaults in making an instalment payment or becomes bankrupt or insolvent, the entire balance together with interest becomes immediately due and payable.
This Canada Secured Installment Note with Fixed Payments & Prepayment Fee
is provided in MS Word format, and is fully editable to fit your specific circumstances.