EXPLANATION AND GUIDE
Form: Explanation:
Demand to Pay Promissory Note (Form 20.5) This is a notice to the maker of a promissory note that payment is past due under the note, and that immediate payment is demanded. If you want to declare the entire outstanding principal due under the note due because of the default, you can use the bracketed language (assuming the note gives you the right to accelerate the principal on this default).
Form 20.5
DOCSSF1:243438.1
Demand to Pay Promissory Note
[Letterhead] [Date]
Certified Mail, Return Receipt Requested and Via Fax [Name and Address]
Re:
Demand to Pay Promissory Note
Dear _____________: This is to notify you that payment is past due under your Promissory Note (the “Note”) dated ________________, 19__. The following payments have not been received:
Payment Due Date
Amount of Principal Due
Amount of Interest Due
Late Charge
Thus, as of the date of this letter, you are in arrears in the total amount of $_______. [In accordance with the terms of the Note, this constitutes a major default under the Note, and demand is hereby made for the total amount in arrears together with the entire principal