Demand to Pay Promissory Note
June 19, 2017
OBJECT: Demand to Pay Promissory Note
Dear [Contact name],
This is to notify you that payment is past due under your Promissory Note (the “Note”) dated [Date promissory note issued].
The following payments have not been received:
Payment Due Date
Amount of Principal Due
Amount of Interest Due
Thus, as of the date of this letter, you are in arrears in the total amount of [Amount in arrears].
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 balance of [Amount] outstanding under the Note.
Demand is hereby made for payment in full of said amount, which payment must be received by us by a cashier’s check by [Deadline date], at the following address:
[City, State Zip]
In the event we do not receive full payment from you by the required date, we will proceed to commence legal proceedings against you under the Note and will additionally assess you legal fees and costs for such legal proceedings, as provided to us by the Note.