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Kansas Secured Promissory Note Template

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The Kansas secured promissory note puts two parties into a contract that states the amount of a given balance, interest rates associated with the balance, payment types, and other conditions of the note in order to help ensure both the lender and borrower are on the same page. The lender benefits from the transaction by receiving interest on top of the original balance paid in a single sum, weekly, or monthly.

How to Write

Step 1 – At the top of the note, enter the current date followed by the lender and borrower’s full name and address. Once this has been inputted, enter the full amount of the balance and the chosen interest rate.

Step 2 – In section one (1), check the box next to the payment type that will be utilized for the agreement. If an option that uses installments is selected, proceed to the bottom of the section and select either weekly or monthly payments.

Step 3 – In section two (2), enter the final due date for the entire balance. This includes late fees, accrued interest, and the balance itself.

Step 4 – In the third (3) section, enter the interest rate that will go into effect if the borrower defaults on the balance or fails to make a payment within fifteen (15) days of its due date. This interest rate stays in effect until the borrower is no longer in default.

Step 5 – For sections six (6) and eight (8) begin by entering how many days need to pass before a lender can issue a late fee. Then, enter the cost of the late fee itself. For the eighth section, enter the time span for acceleration. An acceleration can be issued when a borrower defaults on the balance of the note. The acceleration requires all outstanding debts, such as late fees and interest, to be paid immediately.

Step 6 – Heading to section seventeen (17), enter the item that will be used as security for the note. Items that are typically used as security include homes, vehicles, and boats.

To complete the note and put it into effect, enter the date on the last page of the note. Then, the lender, borrower, and witness to the agreement need to sign their names into the correct boxes.