Promissory Note Secured By Deed of Trust
I. Parties Involved
Lender: | [Your Name] |
Borrower: | [Borrower's Name] |
Trustee: | [Trustee's Name] |
II. Loan Details
Loan Amount: | $250,000 |
Interest Rate: | 5.25% per annum |
Loan Term: | 30 years |
III. Property Description
The property securing this Promissory Note is described as follows:
Address: | [Your Company Address] |
Legal Description: | Lot 456, Block 789, Anytown Subdivision |
IV. Promissory Note Terms
Loan Repayment: The Borrower agrees to repay the principal sum of $250,000 together with accrued interest following the following terms:
Installments: The loan shall be repaid in equal monthly installments of $1,360.23 commencing on January 1, 2051.
Maturity Date: The entire outstanding balance of the loan, including accrued interest, shall be due and payable on December 31, 2080.
Interest: Interest shall accrue on the unpaid principal balance of the loan at the rate of 5.25% per annum, compounded monthly (if applicable).
V. Deed of Trust
The Borrower hereby grants to the Trustee a security interest in the Property described above by executing a Deed of Trust, which shall secure the repayment of the Promissory Note.
VI. Default and Remedies
Default: The Borrower shall be deemed to be in default under this Promissory Note upon the occurrence of any of the following events:
Remedies: Upon default, the Lender shall have the right to exercise all remedies available under the Deed of Trust and applicable law, including foreclosure of the Property.
VII. Miscellaneous
Governing Law: This Promissory Note shall be governed by and construed by the laws of the State of [State], without regard to its conflict of laws principles.
Notices: Any notices required or permitted to be given under this Promissory Note shall be in writing and shall be deemed to have been duly given if delivered personally or sent by registered mail, postage prepaid, or by email to the parties at the addresses provided herein.
VIII. Execution
IN WITNESS WHEREOF, the parties hereto have executed this Promissory Note as of the date first above written.
Lender:
[YOUR NAME]
[DATE SIGNED]
Borrower:
[BORROWER'S NAME]
[DATE SIGNED]
Trustee:
[TRUSTEE'S COMPANY NAME]
[DATE SIGNED]
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