Common Contracts
1 similar Promissory Note Modification Agreement contracts
Promissory note modification agreement formPromissory Note Modification Agreement • May 13th, 2021
A promissory note, or “promise to pay”, is a note that details money borrowed from a lender and the repayment structure. The document holds the borrower accountable for paying back the money (plus interest, if any). There are 2 types of promissory notes, secured and unsecured. If secured, the “security” will be forfeited if the loan is not paid back. By Type (2) Secured Promissory Note – For the borrowing of money with an asset of value “securing” the amount loaned such as a vehicle or a home. If the borrower does not pay back the amount within the time frame suggested the lender will have the right to obtain the property of the borrower. Download: Adobe PDF, MS Word (.docx), OpenDocument Unsecured Promissory Note – Does not allow the lender to secure an asset for money loaned. This means that if the payment is not made by the borrower that the lender would have to either file in small claims court or through other legal processes. Download: Adobe PDF, MS Word (.docx), OpenDocument By
