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California Installments Fixed Rate Promissory Note Secured by...

Long Beach California Installments Fixed Rate Promissory Note Secured by Commercial Real Estate

Name: Long Beach California Installments Fixed Rate Promissory Note Secured by Commercial Real Estate
Brand: US Legal Forms
Rating: 4.86 (372 reviews)

Category:

California Promissory Notes - Secured

State:

California

City:

Long Beach

Control #:

CA-NOTESEC3

Format:

Instant download

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Description

This is a form of Promissory Note for use where commercial property is security for the loan. A separate deed of trust or mortgage is also required.

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How to fill out Long Beach California Installments Fixed Rate Promissory Note Secured By Commercial Real Estate?

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FAQ

A promissory note can become invalid if it excludes A) the total sum of money the borrower owes the lender (aka the amount of the note) or B) the number of payments due and the date each increment is due.

The major difference between a secured and unsecured Promissory Note is collateral. A secured promissory note, as the name partially implies, is secured by some form of property (i.e. collateral), while an unsecured promissory note does not involve collateral.

Secured Promissory Notes The property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.

So, what's the difference between secured and unsecured promissory notes? It's actually quite simple. A secured note is any debt collateralized with real property like a first deed of trust or car title. Conversely, an unsecured note is any debt not secured by collateral (or uncollateralized).

Promissory notes, also known as mortgage notes, are written agreements in which one party promises to pay another party a certain amount of money at a later date in time. Banks and borrowers typically agree to these notes during the mortgage process.

To enforce a promissory note, the holder must provide notice as is required per the note. If timely payment is not made by the borrower, the note holder can file an action to recover payment.

California Promissory Note Requirements A promissory note, although the name suggests is a promise, has the same legal consequences as a legally binding contract. In other words, a ?promissory note? is a type of contract.

Generally, as long as the promissory note contains legally acceptable interest rates, the signatures of the two contracted parties, and are within the applicable Statute of Limitations, they can be upheld in a court of law.

While the statute of limitations on an action in an obligation, liability, or contract is four years, Commercial Code Section 3118(a) gives a statute of limitations of six years for an action to be enforced on the party to pay their promissory note. This time period starts from the due date that's listed on the note.

A home mortgage effectively secures a promissory note with the title to the property in question in case the lender should need to foreclose and sell the property in event of nonpayment. Your lender will keep the original promissory note until your loan is paid off.

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Long Beach California Installments Fixed Rate Promissory Note Secured by Commercial Real Estate

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FAQ

What makes a promissory note invalid in California?

What is the difference between a promissory note and a secured loan?

Can a promissory note be secured by real property?

What is the difference between a secured and unsecured promissory note?

What is another name for promissory note in real estate?

How do I enforce a promissory note in California?

Are promissory notes legally binding in California?

Will a promissory note stand up in court?

How long is a promissory note valid in California?

What is a promissory note secured by a mortgage?

Interesting Questions

What is a fixed-rate promissory note?

What does it mean for a promissory note to be secured by commercial real estate?

What is the significance of Long Beach, California in relation to the promissory note?

How does a fixed-rate promissory note work?

What are the advantages of a fixed-rate promissory note?

What happens if a borrower defaults on a promissory note?

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