A Loan Payoff Agreement is essential when a borrower intends to settle a loan before its scheduled maturity or as part of a loan satisfaction process. This document is commonly used across all U.S. jurisdictions and provides legal protection for both lender and borrower by clearly documenting the final payoff amount, payment terms, and conditions for loan satisfaction. The agreement typically includes details about the original loan, current balance, any accrued interest or fees, and specific instructions for making the final payment. It's particularly important for ensuring proper documentation of the loan's termination and the release of any associated security interests.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Details of original loan agreement and current status
3. Definitions: Key terms used throughout the agreement
4. Payoff Amount: Exact amount required to satisfy the loan, including principal, interest, and fees
5. Payment Terms: Method, timing, and conditions of payment
6. Release Provisions: Terms of loan satisfaction and release of obligations
7. Governing Law: Jurisdiction and applicable law
1. Security Release: Provisions for release of security interests or liens when loan is secured by collateral
2. Tax Implications: Acknowledgment of potential tax consequences when debt forgiveness is involved
3. Confidentiality: Terms of confidentiality regarding the agreement when parties wish to keep terms private
1. Schedule A - Loan Payment History: Detailed record of payments made to date
2. Schedule B - Payoff Calculation: Detailed breakdown of final payoff amount including principal, interest, and any fees
3. Schedule C - Security Release Documents: Forms and documentation for releasing any security interests or liens (for secured loans)
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