Ohio Secured Promissory Note Template

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The Ohio secured promissory note is a signed template completed by two parties that includes a written promise (from the borrower) to pay back the lender in a specified time frame. If the borrower fails to reimburse the lender in a timely and full fashion, the lender can collect the item that was put into security by the borrower. Items that are typically used as security are homes, vehicles, or boats. The secured item typically has similar value as to the value of the note.

How to Write

Step 1 – Before heading to the first section, enter the following information at the top of the page of the template:

  • Current Date (Including the day, month, and year)
  • Name of Borrower
  • Address of Borrower
  • Name of Lender
  • Address of Lender
  • Full Balance of Note
  • Interest Rate

Step 2 – Determine the method the borrower will pay back the balance by checking one of the three possible options. The bottom two options use installments, which require the borrower to make multiple payments towards the balance. If one of these options were selected, select either weekly or monthly payments and enter the day the first payment will be due.

Step 3 – At the second (2) section, enter the date that the entire balance must be paid by. This includes any acquired late fees and accrued interest.

Step 4 – Proceeding to the third (3) section, enter the interest rate that will go into effect if the borrower defaults on the balance or misses a payment by more than fifteen days.

Step 5 – For the sixth (6) section, enter the details regarding late fees into the two empty text boxes.

Step 6 – In the eighth (8) section, enter the amount of days needed to pass after the borrower has entered into default before acceleration can be issued.

Step 7 – Head to the seventeenth (17) and enter the item that will be used as security for the transaction; items typically used are homes, vehicles, or boats.

Step 8 – Finally, enter the current date and have the borrower, lender, and witness enter their printed and signed names into the designated text boxes.