Promissory Note - Secured (Installment)

When a person or entity ("Lender��) loans money to another person or entity ("Borrower��), the loan is typically formalized with a promissory note. In this type of promissory note (a monthly-installment promissory note) the Borrower promises to repay the principal of the loan and accrued interest, if any, over a period time in equal monthly installments. A promissory note will set forth, among other things, the repayment schedule, the interest rate, and defaults. (continued ...)