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Promissory Note

Page history last edited by abogado 2 years, 2 months ago

Promissory Note - Interest Payments/Secured

 

What is a Secured Promissory Note

 

Promissory Note

 

LOAN REPAYABLE IN INSTALLMENTS AND SECURED

BY INTEREST IN REAL AND PERSONAL PROPERTY

 

1. For value received, ¨ I individually ¨ We jointly and severally promise to pay to the order of__________ (name of party) ____________________$ (amount of loan) 

 

on______(date)   at _________(location - i.e. city) at the rate of %________(10% or less if a personal/non commerical loan) per year (choose one):

 

¨ from the date this note was signed until the date it is due or is paid in full, whichever date occurs last.

 

¨ from the date this note was signed until the date it is paid in full.

 

2. ¨ I individually ¨ we jointly and severally also agree that this note shall be paid in installments, which include principal and

 

interest, of not less than $______per month, due on the first day of each month, until such time as the principal and interest are paid in full.

 

3. If any installment payment due under this note is not received y the holder within _______(number of days) days of its due date, the entire amount of unpaid principal shall become immediately due and payable at the option of the hold without prior notice to the signer(s) of this note.
 

4. In the event the holder(s) of this note prevail(s) in a lawsuit to collect on it, I/we agree to pay the holder(s)' attorney fees in n amount the court finds to be just and reasonable.

5. ¨ I individually ¨We jointly and severally agree that until such time as the principal and interest owed under this note are paid in full, the note shall be secured by the following described mortgage, deed of trust, or security agreement:

(state specifics as to the collateral being secured, i.e. family residence located at , pink slip to automobile (specifics),  stocks (specifics), etc. ____________________________________  

 

Date  _______ 

 

 _____________________ 

Name of Borrower 

  

Address of Borrower   ____________________________

 

 ____________________ 

Signature of Borrower  

 

updated: 1/6/17

 

 

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