A Secured Demand Promissory Note is commonly used in lending transactions where immediate collateral protection is required. This document is particularly useful in business loans, equipment financing, and other scenarios where the lender needs both the flexibility to demand repayment and security in specific assets. Under U.S. law, it must comply with the Uniform Commercial Code and state-specific requirements. The note typically includes detailed information about the loan amount, interest rate, security interest, and default provisions. It differs from standard promissory notes by combining payment obligations with security interests, making it a more robust instrument for lenders.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Promise to Pay: Principal amount and unconditional promise to repay the loan
3. Interest Rate: Specified interest rate, calculation method, and compounding frequency
4. Security Interest: Description of collateral securing the note and rights of the lender
5. Payment Terms: When and how payments must be made, including payment methods and due dates
6. Default Provisions: Circumstances constituting default and consequences of default
7. Signature Block: Execution by borrower with date and notarization requirements
1. Prepayment Provisions: Terms for early repayment and any associated penalties or benefits
2. Late Payment Penalties: Additional charges for late payments and grace period details
3. Acceleration Clause: Right to demand full payment upon specified trigger events
4. Attorney's Fees: Provisions for recovery of legal costs in case of enforcement
1. Schedule A - Collateral Description: Detailed description of security/collateral including serial numbers, locations, and specifications
2. Schedule B - Payment Schedule: Detailed payment schedule with specific dates and amounts if applicable
3. UCC-1 Financing Statement: Standard form for recording security interest in the collateral
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