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Hawaii Secured Promissory Note Template |
The Hawaii Secured Promissory Note Template is available for download in both .PDF and Word format. The document may be used to draft a secured note. Secured notes are a type of written agreement entered into by a lender and a borrower. The form serves to outline the terms of the loan (interest rates, payment amount/schedule, principal sum, etc.). The note is “secured” because the borrower pledges assets as collateral. If the borrower defaults on the loan, the lender can take possession of the pledged assets. The instructions below may be used as a guide when drafting the note.
How to Write
Step 1 – Download the template via the links near the top of the page.
Step 2 – In the opening paragraph submit the following information:
- Date
- Name/address of borrower
- Name/address of lender
- AND
- Principal sum of note/loan
- Interest rate (per annum)
Step 3 – Payments – There are three payment options that may be selected:
- No Installments
- Installments – submit the installment amount
- Interest Only
Step 4 – If the payment method is “Installments” or “Interest Only” the following details must be provided:
- Monthly payment schedule
- OR
- Weekly payment schedule
Step 5 – Due Date:
- Submit the date that the full balance of the note would be due on (in dd/m/yy format).
Step 6 – Interest Due in the Event of Default: If the borrower defaults on the loan they will be subject to the interest rate as submitted in this subsection.
- Enter the interest rate
Step 7 – Late Fees:
- Submit the number of days the borrower will have to make a payment (after the due date) before a late fee will be applied to that payment.
- Submit the late fee in USD.
Step 8 – Acceleration:
- Enter the number of days the borrower will have to cure a default.
Step 9 – Security:
- Submit the pledged collateral.
Step 10 – Signatures:
- Submit the name of the borrower
- Borrower’s signature
- Submit the name of the lender
- Lender’s signature
- AND
- The witnesses must print/sign their names
Hawaii Secured Promissory Note – Adobe PDF – Microsoft Word
