A Promissory Note Secured By Real Property is commonly used in real estate financing transactions within the United States when a borrower needs to document a loan that is secured by real estate. This instrument combines the features of a standard promissory note with security provisions that create a lien on real property, providing the lender with collateral that can be foreclosed upon in case of default. The document is essential for both institutional and private lending arrangements, particularly in mortgage lending, property development, and refinancing situations. It must comply with federal regulations such as TILA and RESPA, as well as state-specific requirements regarding interest rates, recording, and foreclosure procedures.
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1. Promise to Pay: Core section detailing the principal amount borrowed, interest rate, and borrower's promise to repay the loan
2. Payment Terms: Detailed terms of payment including payment schedule, amount, frequency, and due dates
3. Security Interest: Description of the real property securing the note and the nature of the security interest
4. Default Provisions: Definition of default events and consequences, including acceleration clause and lender's remedies
5. Representations and Warranties: Borrower's declarations regarding property ownership, authority to enter agreement, and property condition
6. Governing Law: Specification of applicable state law governing the note
1. Prepayment Provisions: Terms and conditions for early repayment, including any prepayment penalties or restrictions
2. Late Payment Charges: Additional fees and charges applicable for late payments
3. Insurance Requirements: Requirements for property insurance, including coverage types and minimum amounts
4. Transfer Provisions: Terms regarding the transfer of the property or assumption of the note by third parties
5. Escrow Requirements: Terms for escrow of taxes and insurance if required by lender
1. Schedule A - Property Description: Legal description of the real property securing the note
2. Schedule B - Payment Schedule: Detailed amortization schedule showing payment breakdown between principal and interest
3. Schedule C - Required Insurance: Detailed specifications of required insurance coverage and terms
4. Schedule D - Truth in Lending Disclosures: Federal and state-required lending disclosures and calculations
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