This template is a fixed rate Promissory Note signed by a borrower in connection with a loan secured by the borrower's property. The form is for loans in Virginia.
- In addition to the Note, the borrower will execute a Deed of Trust, transferring the title deed to a trustee until the loan is repaid.
- The borrower will make monthly payments on the outstanding balance of the loan.
- If the borrower defaults in making the payments, the note holder has the right to accelerate the loan and demand repayment of the entire loan balance in 30 days.
- The borrower also promises to pay the note holder's costs in enforcing the Note, including reasonable attorneys' fees.
- The Virginia Fixed Rate Note is prepared in plain language so it is easy to understand.
Last Updated: 14-April-2016