Printable Collateral Promissory Note
Date: January 15, 2060
Loan Amount: $50,000.00
Borrower: Michael Johnson
Address: 1234 Elm Street, Springfield, IL 62701
Lender: [Your Company Name]
Address: 5678 Maple Avenue, Springfield, IL 62702
1. Promise to Pay
For value received, the undersigned Borrower promises to pay the Lender the principal sum of Fifty Thousand Dollars ($50,000.00), with interest at an annual rate of 5%, computed on the unpaid principal balance. Payment shall be made in lawful money of the United States.
2. Payment Terms
This Note shall be payable in 60 monthly installments of [$943.56] each, beginning on February 15, 2060, and continuing until the principal and all accrued interest are fully paid.
3. Collateral
As security for the payment of this Note, the Borrower hereby grants to the Lender a security interest in the following collateral:
Vehicle Description: 2090 Honda Accord, VIN: 1HGCM82633A123456
Real Estate: 4567 Oak Drive, Springfield, IL 62703, Legal Description: Lot 5, Block 2, Springfield Subdivision
4. Default
If the Borrower fails to make any payment when due, or otherwise defaults on any terms of this Note, the Lender may declare the entire unpaid principal amount and all accrued interest immediately due and payable. Upon default, the Lender shall have the right to enforce its security interest in the collateral.
5. Prepayment
The Borrower reserves the right to prepay this Note in full or in part at any time without penalty. Any partial prepayment shall be applied to the principal balance.
6. Governing Law
This Note shall be governed by and construed following the laws of the State of Illinois.
7. Severability
If any provision of this Note is found to be invalid or unenforceable, the remaining provisions shall continue to be valid and enforceable to the fullest extent permitted by law.
8. Signatures
IN WITNESS WHEREOF, the Borrower has executed this Collateral Promissory Note as of the day and year first above written.
Borrower Signature:
Michael Johnson
Borrower
Lender Signature:
[Your Name]
Branch Manager
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