This is a form of Promissory Note for use where commercial property is security for the loan. A separate deed of trust or mortgage is also required.
Arizona Promissory Note With Collateral Template
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How to fill out Arizona Installments Fixed Rate Promissory Note Secured By Commercial Real Estate?
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FAQ
Secured Promissory NotesThe property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.
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.
Secured Promissory Notes A secured promissory note is an obligation to pay that is secured by some type of property. This means that if the payor fails to pay, the payee can seize the designated property to obtain reimbursement of the loan.
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 secured promissory note should clearly identify the collateral backing the loan. For example, if collateral is being secured by business vehicles, the note should provide their vehicle identification numbers. A small business that is extending credit should also verify collateral is worth enough to cover the debt.