Secured On-Demand Promissory Note and Security Agreement

When a person or entity (the “lender”) loans money to another person or entity (the “borrower”), the loan is typically formalised with a written promissory note. In many instances the lender will ask for additional assurance in the form of collateral (such as property) if the borrower fails to repay the loan. This Secured On-Demand Promissory Note is due upon the request of the lender and also contains a Security Agreement which sets out the collateral for the loan. Having a written Secured On-Demand Promissory Note and Security Agreement will prove invaluable if the borrower defaults when payment is demanded or in the event of litigation. (continued ...)