Promissory Note Template Arizona With Personal Guarantee
Description
How to fill out Arizona Installments Fixed Rate Promissory Note Secured By Residential Real Estate?
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FAQ
There is no legal requirement for a promissory note to be witnessed or notarized in Arizona. Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.
A simple promissory note might be for a lump sum repayment on a certain date. For example, you lend your friend $1,000 and he agrees to repay you by December 1. The full amount is due on that date, and there is no payment schedule involved.
Detailed Information The note has all the required information including the name of the drawer and payee, date of maturity, terms of repayment, issue date, name of the drawee, name, and signature of the drawer, principal amount, and the rate of interest, etc.
Personal Guarantee: Taking Responsibility A promissory note alone may not be enough to secure the loan your business needs. That's why your promissory note could include a personal guarantee. Since a promissory note is basically just an IOU, a lender will want some kind of collateral to secure the loan.
At its most basic, a promissory note should include the following things:Date.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.
