"Secured Promissory Note Template"

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Secured Promissory Note
This ​ S ecured Promissory Note (hereinafter referred to as the “Note”) is signed by and
between ___________________, with a mailing address of ________________________
________________________________ (hereinafter referred to as the “Borrower”) who
promises to pay to ___________________, with a mailing address of ________________
___________________________________ (hereinafter known as the “Lender”) the
principal sum of $___________________, with interest accruing on the unpaid balance at
a rate of _______% per annum beginning as of the date above in the manner that follows:
1. Payments.​ The Borrower shall pay (check one):
☐ No installments. Payment in full of principal and interest accrued shall be
payable on the due date.
☐ Installments of principal and interest in the amount of $__________________.
☐ Interest-only payments on the outstanding principal balance.
If installments or interest-only payments are checked above, such installment payment
shall be due and payable on the (check one):
☐ _______ day of every month beginning on ___________________.
☐ Every week beginning on ___________________.
2. Due Date. ​ T he full balance on this Note, including any accrued interest and late fees,
is due and payable on ___________________.
3. Interest Due in the Event of Default. ​ I n the event that the Borrower fails to pay the
note in full on the due date or has failed to make an installment payment due within
_______ days of the due date, the unpaid principal shall accrue interest at the rate of
_______% per annum or the maximum rate allowed by law, whichever is less, until the
Borrower is no longer in default.
4. Allocation of Payments. ​ P ayments shall be first credited any late fees due, then to
interest due and any remainder will be credited to principal.
5. Prepayment. ​ T he Borrower may prepay this Note without penalty.
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T EMPLATEROLLER.COM
Secured Promissory Note
This ​ S ecured Promissory Note (hereinafter referred to as the “Note”) is signed by and
between ___________________, with a mailing address of ________________________
________________________________ (hereinafter referred to as the “Borrower”) who
promises to pay to ___________________, with a mailing address of ________________
___________________________________ (hereinafter known as the “Lender”) the
principal sum of $___________________, with interest accruing on the unpaid balance at
a rate of _______% per annum beginning as of the date above in the manner that follows:
1. Payments.​ The Borrower shall pay (check one):
☐ No installments. Payment in full of principal and interest accrued shall be
payable on the due date.
☐ Installments of principal and interest in the amount of $__________________.
☐ Interest-only payments on the outstanding principal balance.
If installments or interest-only payments are checked above, such installment payment
shall be due and payable on the (check one):
☐ _______ day of every month beginning on ___________________.
☐ Every week beginning on ___________________.
2. Due Date. ​ T he full balance on this Note, including any accrued interest and late fees,
is due and payable on ___________________.
3. Interest Due in the Event of Default. ​ I n the event that the Borrower fails to pay the
note in full on the due date or has failed to make an installment payment due within
_______ days of the due date, the unpaid principal shall accrue interest at the rate of
_______% per annum or the maximum rate allowed by law, whichever is less, until the
Borrower is no longer in default.
4. Allocation of Payments. ​ P ayments shall be first credited any late fees due, then to
interest due and any remainder will be credited to principal.
5. Prepayment. ​ T he Borrower may prepay this Note without penalty.
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T EMPLATEROLLER.COM
6. Late Fees. ​ I f the Lender receives any installment payment more than _______ days
after the date that it is due, then a late payment fee of $___________________ shall be
payable with the scheduled installment payment along with any default interest due.
7. Due on Sale. ​ T his Note is secured by a security instrument described in Section 17
securing the repayment of this Note, the property described in such security instrument
may not be sold or transferred without the Lender’s consent.
If the Borrower breaches this provision, the Lender may declare all sums due under this
Note immediately due and payable, unless prohibited by applicable law.
8. Acceleration. If the Borrower is in default under this Note or is in default under the
security instrument securing the repayment of this Note, and such default is not cured
within _______ days after written notice of such default, then the Lender may, at its
option, declare all outstanding sums owed on this Note to be immediately due and
payable, in addition to any other rights or remedies that the Lender may have under the
security instrument or state and federal law.
9. Attorney’s Fees and Costs. The Borrower shall pay all costs incurred by the Lender
in collecting sums due under this Note after a default, including reasonable attorneys’
fees. If the Lender or the Borrower sues to enforce this Note or obtain a declaration of its
rights hereunder, the prevailing party in any such proceeding shall be entitled to recover
its reasonable attorneys’ fees and costs incurred in the proceeding (including those
incurred in any bankruptcy proceeding or appeal) from the non-prevailing party.
10. Waiver of Presentments. ​ T he Borrower waives presentment for payment, notice of
dishonor, protest, and notice of protest.
11. Non-Waiver. No failure or delay by the Lender in exercising the Lender’s rights
under this Note shall be considered a waiver of such rights.
12. Severability. In the event that any provision herein is determined to be void or
unenforceable for any reason, such determination shall not affect the validity or
enforceability of any other provision, all of which shall remain in full force and effect.
13. Integration. There are no verbal or other agreements that modify or affect the terms
of this Note. This Note may not be modified or amended except by a written agreement
signed by the Borrower and the Lender.
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14. Conflicting Terms. ​ I n the event of any conflict between the terms of this Note and
the terms of any security instrument securing payment of this Note, the terms of this Note
shall prevail.
15. Notice. ​ A ny notices required or permitted to be given hereunder shall be given in
writing and shall be delivered (a) in person, (b) by certified mail, postage prepaid, return
receipt requested, (c) by facsimile, or (d) by a commercial overnight courier that
guarantees next day delivery and provides a receipt, and such notices shall be made to the
parties at the addresses listed below.
16. Execution. The Borrower executes this Note as a principal and not as a surety. If
there is more than one Borrower, each Borrower shall be jointly and severally liable
under this Note.
17. Security. ​ T his Note is secured by the following:
_________________________________
_________________________________
Borrower’s Printed Name
Lender’s Printed Name
_________________________________
_________________________________
Borrower’s Signature
Lender’s Signature
_________________________________
_________________________________
Witness Printed Name
Witness Printed Name
_________________________________
_________________________________
Witness Signature
Witness Signature
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T EMPLATEROLLER.COM
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