Minnesota Secured Promissory Note Template
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The Minnesota Secured Promissory Note Template is a legal document used to detail the principal sum, interest rate, payment method, and other facets of a loan. The borrower is required to pledge collateral when signing the secured promissory note. The reason for this is that in the event of a default on the note/loan, the lender can take possession of the pledged assets (in order to satisfy the debt that is owed).

How to Write

Step 1 – Download the document via the links near the top of the page.

Step 2 – Opening Paragraph:

• Submit the name of the borrower
• Address of borrower
• Name of lender
• Address of lender
• AND
• Provide the principal sum/interest rate

Step 3 – Payments – Check the box of the agreed upon payment method:

• No Installments
• Installments (submit the agreed upon amount)
• Interest Only

Step 4 – Provide the monthly/weekly installment frequency (if required).

Step 5 – Due Date:

• Enter the date in dd/m/yy format.

Step 6 – Interest in Event of Default: If the borrower defaults on the loan/note, the lender can apply an updated interest rate to the balance.

• Submit the updated interest rate.

Step 7 – Late Fees:

• Provide how long the borrower will have after missing a payment before the lender will charge a late fee.
• Submit the agreed upon late fee.

Step 8 – Acceleration:

• Fill in the number of days the borrower will have to cure a default.

Step 10 – Security:

• Enter the borrower’s pledged assets.

Step 11 – Signatures:

• Provide the date in the required format.
• Enter the names of the lender/borrower.
• The borrower AND lender are required to sign the form.
• The witnesses must print/sign their names in the appropriate input fields.