Secured Promissory Note.
Secured Promissory Note
https://budgeting.thenest.com/secured-promissory-note-22647.html Now prepare a secured promissory note (you can use the sample below – just cut and paste.) Note that the promise to pay must be secured by a piece of collateral – normally this is a deed on your real property. Please make sure that you state the piece of collateral, and its’ location. Google promissory notes secured by collateral for sample notes. Please also remove all blanks and instructions on the note, so it is a complete legal professional document. Post your work below. (Note, professionalism and neatness count up to 25 points.) SAMPLE: 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 commercial 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: