Nevada Secured Promissory Note Template

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The Nevada secured promissory note details the requirements and guidelines the borrower will have follow while repaying a loaned balance to a lender in a money-loaning transaction. The template also includes sections that detail the fallout from being late on payments or entering into default on the balance.

How to Write

Step 1 – Enter the current date, the borrower and lender’s full names and addresses, the balance of the note, and the interest rate.

Step 2 – Go to the first (1) section of the agreement. Here you will select how the borrower will repay the loaned balance to the lender. Two of the three possible options include installments, which require multiple payments over a scheduled period of time. If an installment option is selected, choose either weekly or monthly payments and enter the date of the first payment on the bottom of the first section.

Step 3 – For the second (2) section, enter the final due date that the entire balance must be paid back (also includes accrued interest and any issued late fees).

Step 4 – In the third (3) section, enter the interest rate that automatically goes into effect if the borrower enters into default on the balance.

Step 5 – For sections six (6) and eight (8), begin by entering the amount of days required to pass after a payment due date before a late fee can be issued. Then, enter the cost of a late fee itself. For the eighth section, enter the acceleration time frame. Acceleration requires the borrower to pay all outstanding debt, interest, and late fees (if issued any) immediately.

Step 6 – Proceed to the seventeenth (17) section and enter the item that will be used as security for the agreement. The item should be of relative worth as to the value of the note, as this item will help to cover the cost of the unpaid amount if the borrower were to enter into default on the balance. Items typically used are homes, vehicles, or boats.

Step 7  Enter the current date on the last page followed by the names of the lender, borrower, and witness. Once all required information has been inputted into the document and all signatures have been recorded, the note will go into full effect.