You are currently in default in payments on your Promissory Note with us dated the day of , 20 , by
failing to pay the installment due on the day of , 20 . Accordingly, and under the terms of the Promissory Note,
we are hereby declaring you in default and accelerating the balance of the Promissory Note in the amount of $ . Interest from this day forward shall accrue at the maximum rate allowable by law.
We would ask you to make full payment of the installment and the principal balance referenced above no later than the day of , 20 . In the event said payment is not made, we will immediately turn this matter over for collection.
In the event that you would want to reinstate the Promissory Note, we are willing to provide for the reinstatement so long as the following conditions are met:
1. The installment is delivered to this office no later than
the date referenced above.
2. The payment is accompanied by a late payment penalty,
collection amount and attorney's fee reimbursement in the amount of $250.00.
Should you have any questions, please feel free to contact me. Otherwise, note that the schedule above does represent our final communication in this matter and any further communication will be ancillary to legal proceedings.
PLEASE GOVERN YOURSELF ACCORDINGLY.
Most respectfully,