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 Personal Guarantee 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
Generally, promissory notes do not need to be notarized. Typically, legally enforceable promissory notes must be signed by individuals and contain unconditional promises to pay specific amounts of money.
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.
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.
You can use a template or create a promissory note online. But before you begin, you'll need to gather some information and make decisions about the way the loan will be structured. First, you'll need the names and addresses of both the lender (or "payee") and the borrower.
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.