Florida Secured Promissory Note Form

• Category: Promissory Notes - Secured
• State: Florida
• Control #: FL-03158
• Format: Word; Rich Text

Description

The Florida secured promissory note form is a legal document that outlines a borrower's promise to repay a specified sum of money along with interest, according to the defined terms. Key features of this form include the specification of the principal amount, interest rate, and repayment schedule, which is usually made in monthly installments. Users must fill in essential details such as the names of the borrower and lender, payment amounts, and maturity dates, ensuring all financial terms are clearly stated. It is important to note that the form provides a clause regarding security for the note, allowing the lender to have collateral backing. The document also includes provisions for addressing defaults, waiving demand, protest, and notice, as well as stipulations for the payment of collection costs, including attorney's fees. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants in real estate transactions, business financing, and personal loans where security interests are involved. By ensuring that the terms are legally enforceable, it protects both the lender's and borrower’s interests. Users should maintain clarity in filling out the form to avoid disputes in the event of repayment issues.