This form is a secured Promissory Note. The note includes a provision which describes the collateral to be used as security on the loan. The form also contains a section which details various actions which would constitute default on the note.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés.
For your convenience, the complete English version of this form is attached below the Spanish version.
Yes, both parties can agree to modify the terms of the note. It’s like changing the rules of a game; if everyone agrees, you can switch things up to make it work better for all.
If you default, the lender can take the collateral. It's like missing a car payment; the bank can take your car if you don’t hold up your end of the bargain.
Yes, it's important to follow local and state laws when creating a secured promissory note. It’s like making sure your cake follows the recipe, or it might not turn out right!
You can use various types of collateral, like real estate, vehicles, or even valuable personal items. It’s like being able to put up your favorite guitar or your house to back up your promise.
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