Notice of Default On Note - to Endorsers
Be hereby notified that, due to payments in arrears, _________________________, is now considered in default under a certain promissory note dated _________________, in the amount of ___________. Under the terms and conditions of the note, the entire amount of ___________________, including interest accrued to date, is now due and payable. As endorser of the note, you are legally liable to pay this amount.
If this amount is not paid, or the default is not corrected within _______ days of this letter, collection proceedings will be instituted. You will also be liable for the costs of collection, including attorney fees.