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Notice To Endorsers
Of Default On Note
Be hereby notified that, due to payments in arrears, ______________ ("borrower"), is now considered in default under a certain promissory note in the amount of $___, dated _______. 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 said note, you are legally liable to pay this amount.
If said amount is not paid, or the default is not corrected within _____ of this letter, collection proceedings will be instituted, the costs of which (including attorney fees) you will also be liable for.
Signature and Date