New York Secured Promissory Note Template
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The New York Secured Promissory Note Template is a downloadable (available in .PDF or Word format) written agreement that is designed to provide an outline of the various terms of a loan. One of the primary requirements of a secured promissory note is that the borrower must agree to pledge collateral (i.e. “security”). The terms that are covered in the note include the interest rate, amount of loan, payment method, payment frequency, etc. Use the guide posted below as a reference when drafting your note.

How to Write

Step 1 – Download the form.

Step 2 – Provide the following details within the first paragraph of the note:

• Date (dd/m/yy format)
• Name and address of borrower
• Name/address of lender
• Loaned amount
• Interest rate

Step 3 – Payments – Select the payment method:

• No Installments
• Installments (enter the payment amount)
• Interest Only

Note: The monthly/weekly payment schedule is required to be entered if the chosen method is “Installments” or “Interest Only.”

Step 4 – Due Date:

• Submit the note’s final due date (when the entire loaned amount must be repaid by).

Step 5 – Interest Due in Event of Default:

• Provide the interest rate that shall be applied to the balance of the note if the borrower defaults on the loan.

Step 6 – Late Fees:

• Fill in how long the borrower will have after missing a scheduled payment before they will be charged with a late fee.
• Enter how much the borrower will be charged.

Step 7 – Acceleration:

• The borrower will have the number of days submitted in this section, after defaulting on the note, to cure the default. If they fail to cure the default within the specified time frame, the lender has the legal right to take further action in order to satisfy the debt.

Step 8 – Security:

• Submit a description of the security.

Step 9 – Signatures:

• Fill in the date of signing.
• Provide the printed names of the borrower, lender, and witnesses.
• The borrower and lender are required to sign their names in the allotted input sections.
• AND
• The witnesses MUST sign their names in the appropriate input fields.