Free Notice of Default
This Notice of Default is sent by a holder of a promissory note to a borrower who is in default under the terms of the note. This notice sets out the name of the holder and borrower and the date and amount of the original promissory note. It also sets out the amount in default and remedies which will be taken if payment is not received. This Notice of Default is in a letter format and must be signed by the holder of the promissory note.
Disclaimer:This was not drafted by an attorney & should not be used as a legal document.
NOTICE OF DEFAULT
Please be advised that I, ________________________ the holder of a certain promissory note dated _________________________________, made by you in favor of me in the original principal amount of $________________.
You are hereby notified that you have defaulted to pay the instalment amount of $_____________ due on _____________________________.
I hereby make demand on you for full payment of the entire balance due on said note, including interest accrued till date.
If the entire amount due is not received on or before _____________________, I shall commence legal proceedings against you. In which case, you will be liable to pay costs of collection, including attorney's fees.
Very truly yours,