The land referred to is situated in the State of Minnesota, County of Hennepin, and is described as follows: Address: xxxxx, Minnesota 55xxx. Complete your Master Promissory Note (MPN) to acknowledge that you understand the terms and conditions of your federal student loans.Our user-friendly template helps you create a legal document for loan agreements, while providing peace of mind and clarity for both parties involved. If interest is charged, the rate should be included with a repayment schedule. Quickly create your customized promissory note (IOU) when lending or borrowing money with a variety of payment methods. The Application Process: 1. Apply for and have your eligibility determined for other sources of financial aid, including federal and state grants. Each document on 360 Legal Forms is customized for your state. This letter stated that Plaintiffs were in default on their Note and explained several options that GECMSI might pursue if the Note was not made current. If the borrower defaults, the lender can use the promissory note as evidence in a legal proceeding.