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Promissory Note For Land Purchase
"I need a Promissory Note For Land Purchase for the acquisition of an industrial property in Singapore valued at SGD 5.2 million, with monthly installments over 5 years starting March 2025, and including a prepayment option after 2 years without penalty."
1. Date of Execution: Date when the promissory note is made
2. Parties: Details of maker (promisor) and payee (promisee)
3. Promise to Pay: Unconditional promise to pay a specific sum
4. Payment Terms: Amount, schedule, and method of payment
5. Property Details: Legal description of the land being purchased
6. Interest Rate: Applicable interest rate and calculation method
1. Security Provisions: Details of any collateral or security for situations requiring additional security
2. Acceleration Clause: Conditions under which full payment becomes immediately due, used when lender wants protection against default
3. Prepayment Terms: Conditions for early payment, included when early payment options are allowed
1. Property Title Documents: Certified copies of land title and ownership documents
2. Payment Schedule: Detailed breakdown of payment installments and dates
3. Property Survey: Recent survey report of the property
4. Valuation Report: Professional valuation of the property
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