(This may be used in the event that the owner of a note wants to give formal notice to the maker of the note that it is in default. Under most notes this is not required, but this form can be used for its psychological effect.)
NOTICE OF DEFAULT ON PROMISSORY NOTE
Re: Promissory note dated _______, 20 _.
Amount due as of this date: $ ______.
Please be advised that the undersigned is the holder and owner of a certain promissory note made by you dated ______, 20 , in the original principal amount of $------ (dollars.)
You are hereby notified that you have defaulted under said note because you have failed to pay the note when due.
Therefore, pursuant to the terms of the note, the holder herewith accelerates the payment of the full remaining interest and principal. Demand is hereby made upon you for full payment of the entire balance due on said note in the amount of $------ (dollars), including interest accrued to date.