Oregon Secured Promissory Note Template

Create a high quality document online now!

The Oregon secured promissory note is a document designed to be completed by two parties consisting of a lender and borrower. Both parties agree on many facets of the template such as the full balance of the note, the note’s interest rate, penalties for missing/being late on payments, how payments will be made, and many other important sections.

How to Write

Step 1 – At the top of the first page of the template, enter the following information into the designated empty text boxes:

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

[Note: The interest rate selected for the agreement must be legal in the state of Oregon; the laws surrounding usury rates can be found at: OR ST § 82.010]

Step 2 – At the first (1) section, select the payment method that will stay in effect for the duration of the agreement. Two out of the possible three payment methods utilize installments, which require the borrower to make either weekly or monthly payments to the lender. If one of these options were selected, enter the date of the first payment and put a check mark next to either weekly or monthly payments.

Step 3 – For sections two (2) and three (3), begin by entering the final due date for the agreement. On this date, the entire balance of the note plus any accrued interest and issued late fees must be paid for in full. For the third 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 4 – Head to the sixth (6) section and enter the number of days that need to pass after a payment due date before the lender can issue a late fee. Then, enter the amount of money the borrower will have to pay for said late fee.

Step 5 – In the eighth (8) section, enter the time frame that the lender will have to wait after a default has occurred before he or she can issue acceleration.

Step 6 – Proceed to the seventeenth (17) section and enter the item that will be used to secure the agreement. This item needs to be a possession of the borrower and needs to be roughly equivalent in value to the amount of the balance. This item is given to the lender if the borrower fails to recover from a state of default.

Step 7 – On the last page of the template, enter the current date followed by the printed and signed names of the lender, borrower, and witness. Once the signatures have been recorded by all parties, the agreement will go into full legal effect and the borrower will be responsible for making timely and accurate payments to the lender.