Hawaii Secured Promissory Note Template

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The Hawaii secured promissory note binds a lender and a borrower into an agreement surrounding a money loan. The agreement is completed by both parties and encompasses the major points surrounding the transaction. It should be noted that a witness will be required to watch the signing of the document by the lender and borrower to ensure the legality of the agreement.

How to Write

Step 1 – On the first page of the document, enter the borrower’s full name and address, the lender’s full name and address, the full dollar amount of the balance, and the interest rate (check [H.R.S. Title 26 Section 478-4] to ensure you have chosen a legal interest rate).

Step 2 – For sections one (1) and two (2), select the payment method the borrower will be required to follow. If a payment method with installments is chosen, select either monthly or weekly payments at the bottom of the first section. For the second section, enter the final due date for the entire balance.

Step 3 – Proceeding to the third (3) section, enter a legal interest rate that will go into effect if the borrower fails to pay an installment or the full balance within fifteen (15) of the due date.

Step 4 – In section six (6), enter the time span regarding late fees. Then enter the cost of the late fee itself.

Step 5 – For the eighth (8) section, enter how many days need to pass after a default on the balance before the lender can issue an acceleration. An acceleration requires all outstanding payments, fees, etc to be due immediately.

Step 6 – Finally, proceeding to the last page, enter the security that will be used for the agreement. Then enter the current date followed by the printed and signed names of the borrower, lender, and witness to the agreement. Once this has been done, the agreement will be put into effect.