West Virginia Secured Promissory Note Template

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A West Virginia secured promissory note binds a lender and a borrower into an agreement requiring the borrower of a monetary balance to reimburse the lender as previously determined by both parties. Because this note is secured, the borrower will be required to set aside an item such as a home, vehicle, or boat that will be used to cover the remaining balance that is left unpaid if the borrower defaults on the balance.

How to Write

Step 1 – Enter the current date (including the day, month, and year), the names and addresses of the borrower and lender, the note’s balance, and the note’s interest rate.

Step 2 – Head to the first (1) section and select the payment method that will be followed for the duration of the agreement. The options consist of the following:

  • No Installments – Requires the borrower to make a single payment covering the entire balance of the note plus any accrued interest.
  • Installments – The borrower makes routine weekly or monthly payments toward the balance.
  • Interest-Only Payments – Borrower makes weekly or monthly payments that consist of interest only until the balance is paid for.

If an option that uses installments was selected, put a checkmark next to either weekly or monthly payments and enter the date of the first payment.

Step 3 – In the second (2) and third (3) sections, enter the final due date that the entire balance must be paid by. Then, enter the interest rate that the borrower will pay if he or she defaults on the note.

Step 4 – Head to section six (6) and enter the time frame required to pass (after payment has gone unpaid) before a late fee can be issued. Then, enter the cost of a single late fee.

Step 5 – In the eighth (8) section, enter the number of days required to pass until the lender can issue acceleration for the note. This requires all outstanding debt to be paid immediately on behalf of the borrower.

Step 6 – Head to the seventeenth (17) section and enter the item that will serve as security for the agreement.

Step 7 – Finally, enter the current date and the printed and signed names of the borrower, lender, and witness. Once steps 1-7 have been completed fully, the note will go into full legal effect.