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1. Security/Collateral: Details of any assets pledged as security for the debt - include if the loan is secured

2. Death or Incapacity: Provisions for what happens if either party dies or becomes incapacitated - recommended for elderly family members

3. Debt Forgiveness Terms: Conditions under which part or all of the debt may be forgiven - useful for estate planning purposes

4. Dispute Resolution: Family-specific dispute resolution procedures to avoid court proceedings - recommended for larger amounts

5. Tax Implications: Acknowledgment of tax obligations and responsibilities - important for larger amounts

6. Modification Terms: Procedures for modifying the note terms by mutual agreement - useful for long-term arrangements

7. Relationship to Other Family Agreements: Reference to other family financial arrangements or inheritance plans if relevant

1. Payment Schedule: Detailed breakdown of payment dates and amounts if involving multiple installments

2. Collateral Description: Detailed description of any assets provided as security, if applicable

3. Family Member Witnesses: List of family members witnessing the agreement, with their signatures and details