Promissory Note with Guarantee | USA

Use this Balloon Promissory Note form in situations where the borrower is required to provide additional collateral besides the property being mortgaged.

• The borrower agrees to make monthly payments against the amount secured by the Note, until the date of the final payment.
• The final payment will be a balloon payment (in other words, a payment in full of the entire balance of principal and interest outstanding at that date).
• The note has an additional provision requiring the borrower to put up personal property or real estate as additional collateral security.
• This is a generic legal form which is not specific to any country, state or province.

USA lenders who require additional collateral security can have their customers sign this Pledge of Security form as part of the loan documentation package.

• The borrower agrees to pledge personal property for the lender to hold as collateral security to ensure repayment of a loan under a promissory note.
• If the borrower defaults in payment, the lender has all the rights and remedies of a secured party under the Uniform Commercial Code, and has the right to sell, lease or dispose of the property as it sees fit.
• Once you have purchased the form, you can customize it for your business and use it over and over. There are no additional licensing or restocking fees.

If you lend money, you should have this Pledge of Security form on hand for your loans officers. Purchase, download, fill in, print and get a signature - it's easy.

Every commercial loan transaction should require the borrower to sign a Security Agreement - like this customizable digital template.

• This form is only for use in the United States.
• The borrower (debtor) grants the lender (secured party) a security interest in certain property of the borrower, as collateral to secure repayment of the borrower's indebtedness under a promissory note.
• The parties intend the agreement to be a security agreement under the Uniform Commercial Code.
• The secured party has the right to take whatever action it considers necessary to protect its security interest.
• All amounts secured by the agreement become immediately due and payable if the borrower files for bankruptcy or becomes insolvent.
• The debtor waives any statute of limitations with respect to enforcement of the secured party's lien.

No lender should be without a standard form Security Agreement. If you don't have one yet, download your copy now.