assignment of promissory note sample

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Sample Promisary Note documents on Practical Law

Commercial real estate loans: closings.

This Practice Note outlines the closing procedures that are fundamental to all types of commercial loans closings. It highlights specifically the steps taken to close a first priority permanent loan secured by one or more parcels of real property in a single state but applies to other types of loan closings, including corporate loans that are only partially secured by real property

Mortgage, Assignment of Leases and Rents, Security Agreement, Financing Statement, and Fixture Filing (Pro-Lender Short Form)

This Standard Document is a short form, jurisdictionally-neutral form mortgage intended for use with a commercial real estate loan or a corporate credit facility governed by a loan agreement or credit agreement and secured by one or more parcels of commercial real estate owned by the borrower

Commercial Real Estate Loans: Overview

A Practice Note providing an overview of commercial real estate loans describing each stage of a loan transaction, including loan application, loan documentation, due diligence, closing, and post-closing

Promissory Note (Commercial Real Estate Loan) (Pro-Lender)

A form of promissory note evidencing a commercial real estate loan being secured by a mortgage, deed of trust, or other type of security instrument encumbering real property owned by the loan borrower.

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Real Estate Loan Drafting Guidance: State Q&A Tool

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A collection of resources to assist counsel, developers, owners, investors, purchasers, and lenders by describing the due diligence procedures when entering into a commercial real estate financing transaction

Closing Commercial Real Estate Mortgage Loans Toolkit (National Lenders)

A compilation of resources for closing commercial real estate mortgage loans, including Practice Notes with guidance and practice tips, Checklists for monitoring the progress of a loan transaction, and jurisdictionally-neutral Standard Documents and Standard Clauses representative of those commonly used in many national mortgage loan programs

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Can You Assign a Promissory Note

“Can you assign a promissory note?” is a request you need to make to someone who promises to pay you a certain amount of money at a later date. 3 min read updated on February 01, 2023

“Can you assign a promissory note?” is a request you need to make to someone who promises to pay you a certain amount of money at a later date. While it is not as formal as a contract, a promissory note is legally binding, meaning that the promisee is entitled to take legal action if the promisor fails to make the specified payment.

What Is a Promissory Note?

A promissory note refers to a written document stating that a certain amount of money will be paid to someone by a specified date. Generally, it is not necessary for the note to be recorded officially. The borrower is required to sign the note, but the lender may choose not to sign it. A promissory note is a legally binding note that is often used between parties who know each other personally, and it is totally customizable.

Using a Promissory Note to Pledge Collateral

Collateral refers to property pledged to ensure that a loan will be repaid. Take the following measures when collateral is pledged with a promissory note:

• If you are the lender, make sure the borrower upholds the terms stated in the promissory note. Also, the interest specified in the note must be legal.
• If you are the borrower, issue the promissory note to the institution or individual that needs it to obtain a loan for you. This should be done with an addendum stating the assignment of your rights or the completion of the assignment paperwork required by the lender.

Theoretically, a lender will only be willing to accept a promissory note as a form of collateral if you have satisfied at least part of the promise stated in the note. This means that you must have already paid back some money in accordance with the terms of your promissory note.

Using an Assignment of Deed of Trust

The purpose of a trust deed investment is to generate a greater return on your money on top of the amount you will otherwise receive from a certificate of deposit or savings account. If you are planning to make these types of investment, it is essential that you know how to use an assignment of deed of trust .

In California and many other states, the repayment of a promissory note is secured with a deed of trust against real property. Essentially, a trust deed investment involves the purchase of a promissory note, which is required to be secured by a deed of trust as part of the transaction.

When you obtain a loan to buy real estate, you will have to use a promissory note. The terms for repaying the loan, including the interest rate and monthly payment amount, will be stated in the promissory note. A deed of trust will be used to ensure that the promissory note will be repaid when it is recorded against the property purchased with the loan.

A lender may sell a promissory note. This usually happens between banks, but it can be done by any person who wishes to buy the promissory note as a form of investment. When a lender sells a promissory note, the deed of trust that secures the note will also be sold with it.

Difference Between Mortgage Assignment and Note Endorsement

When you are applying for a loan to purchase a home, the lender may require you to sign a promissory note and a mortgage or a deed of trust. In the event that your loan is sold to another party, these documents will be transferred to the new owner with an assignment and an endorsement. The new owner will have the right to receive payments and foreclose if you fail to make payments.

In casual conversations, people often use the word “mortgage” to refer to a home loan. A mortgage or a deed of trust is an essential document included as part of the process of securing a home loan. It is a form of security instrument. A promissory note , on the other hand, specifies the details and terms of the loan and obligates the borrower to repay the loan.

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• Assignment of Promissory Note

An Assignment of a Promissory note is a bilateral document that transfers the rights and obligations associated with a promissory note from one party (the assignor) to another party (the assignee). Jotform Sign ’s Assignment of Promissory Note shows the date the document was created, assignor information, assignee details, start and end dates of the promissory note, total amount due, interest rate percentage, and chosen payment method.

You can easily make changes to this Assignment of Promissory Note using our intuitive online builder. No coding or design experience is required — just drag and drop to add or edit form fields, update the wording of the document, include additional signature fields, change fonts and colors, and more. You can also set up an automated signing order to ensure signatures are received in a timely manner and in the correct order. Once signed, you’ll automatically receive a finalized version of the document for your records.

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Legal Templates

Home Personal & Family Promissory Note

Promissory Note Template

Use our Promissory Note template to detail the terms of loan repayment.

Updated July 3, 2023 Written by Sara Hostelley | Reviewed by Susan Chai, Esq.

A Promissory Note records all the terms and conditions of a loan transaction between a borrower and a lender before any money changes hands.

Key Provisions

• Parties : Full name, type (individual/entity), and addresses of the borrower and the lender.
• Principal Amount : The total amount of money being loaned.
• Payment Terms : When and how payments should be made.
• Interest Rate : The rate of interest charged on the principal.
• Borrower’s Signature : Essential for validity (lender’s signature is optional).
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What is a promissory note, when should i use a promissory note, how to write a promissory note, why use a promissory note, usury limits by state, promissory note sample, frequently asked questions.

A document used to include collateral in a high-stakes loan.

A document used for quick loans with trustworthy borrowers.

A promissory note is a written promise by a borrower to repay a loan to a lender according to predetermined terms and conditions.

Before the requested fund is provided, the lender and the borrower document terms mutually agreed upon on a promissory note, such as the repayment schedule, interest rates, and collaterals.

After the note is signed, the borrower receives the amount promised by the lender and pays back the loan according to the terms. Eventually, the lender will release the borrower from the promissory note once the loan is completely paid off.

Common scenarios in which you may use a promissory note can include:

• Informal loans: lending money to friends or family members;
• Real estate loans: providing private mortgage to a home buyer;
• Business loans: financing a business for start-up or expansion;
• Vehicle loans: funding for the purchase of a car, boat, or other motor vehicle

Promissory notes are typically used for less complex loans or when there is a prior acquaintance between the lender and the borrower. By using promissory notes, lenders ensure legal protection for themselves in the event of a borrower’s failure to return the borrowed money.

Step 1: State the parties

Start by identifying the borrower (the party receiving the loan) and the lender (the party who will be paid back).

The parties can be individuals or business entities, such as corporations or LLCs. If either party to the promissory note is a business entity, a representative must sign on its behalf.

All lenders or borrowers should include their names on the note if there is more than one lender or borrower.

If the borrower’s financial stability is questionable, the lender may demand a cosigner with good credit as a safety net for the promissory note. By jointly signing the note, the cosigner undertakes to settle the loan if the borrower does not pay it back.

How should I verify a borrower's financial status?

It is recommended that you request your borrowers to supply their credit reports for loans.

Borrowers can access these free yearly reports online , via websites , or through credit card company perks. Some online agencies also offer paid financial status checks.

Step 2: Outline repayment terms

Next, you should clearly outline the following details about the loan and how it will be paid back:

• Principal amount: The total amount of money borrowed;
• Payment schedule: If the borrower plans to pay in installments, in a lump sum, or on demand;
• Collateral: If the borrower needs to guarantee the loan with their asset(s) and secure the note;
• Late fee: Whether there will be an additional fee if the payment is not made on time;
• Interest: If there will be any interest added to the loan and at what rate;
• Acceleration: If the lender can ask for the whole loan to be paid back at once, regardless of the original payment plan;
• Prepayment: If the borrower can pay back the loan early without any extra charges;
• Consequence: What happens if the borrower cannot repay the loan?

When determining repayment terms, the lender should consider carefully the borrower’s financial condition and the risks associated with the loan.

For example, if your borrower has low credit, you may opt for a secured promissory note if the borrower defaults. If your borrower expects a large sum of money in the future, one lump sum payment may be more appropriate than installment payments.

What kind of interest rate should I be charging?

Most states have laws that restrict the maximum interest rate you can charge. See our Usury Limits by State Table for complete interest rate information.

Determining the Payment Schedule

To help you make an informed decision, below is a glance at the pros and cons of the three typical payment schedules for promissory notes:

Lump Sum What it is: A one-time payment where the borrower pays the total amount at the end of the loan term. Suitable for: Individuals who anticipate having the total amount of the loan available by a specific date (i.e., from a tax refund, an inheritance, a bonus at work) Pros Quick, full payment No ongoing collection management Cons Higher default risk Lose potential interest income Due on Demand What it is: The lender can demand immediate payment anytime. Suitable for: Individuals or businesses lending to someone they trust deeply, like a close friend or family member, or in cases where the lender wants flexibility in requiring repayment. Pros Can request repayment at any time Useful when anticipating early repayment Cons Uncertain repayment timing Can strain borrower relationship Installments What it is: The loan is repaid in regular, set amounts over time. Suitable for: Most traditional loan scenarios, such as personal loans, auto loans, and home mortgages, where the borrower pays the loan over time in regular amounts. Pros Steady and predictable cash flow Potentially higher interest income Cons Extended default risk Requires ongoing collection management

Step 3: Consider additional terms

Before you complete the promissory note, consider including additional provisions to make your note more comprehensive, such as:

• Amendment: How the note could be altered;
• Governing law: Which state laws that will be applied for the note;
• Joint and several liability: How all co-borrowers share responsibility for the repayment of the note, collectively and individually;
• Right to transfer: If the lender has the right to transfer the promissory note to a different party, have them collect payment instead.

Should I make my promissory note transferable?

Promissory notes, as “negotiable instruments,” can substitute for money. If cash is needed urgently, you can sell the note, but consider the possible impact on your borrower relationship. Before making your note transferable, evaluate your goals and risks.

Step 4: Sign the note

Once the principal terms of the note are agreed upon, the borrower should sign the note. While it is optional, including the lender’s signature is also good practice.

Although not legally required, it is recommended that the promissory note be notarized if the loan involves a significant amount of money or when the terms are complex or could potentially be disputed.

Money should be exchanged only after the note is signed. In addition, every party to the note should receive a copy, and the lender should store the original securely.

What happens if I lose the original note?

A copy will suffice if the original is lost. If neither the original nor a copy is present, try and find other ways to prove the agreement (i.e., text exchange). The borrower could technically ghost when there is no proof that the loan happened.

Step 5: Enforce the note

Generally speaking, there are three potential outcomes once a promissory note is in effect:

• Timely repayment

Suppose the borrower repays the total amount per the note’s conditions. In that case, the lender should provide a loan release form to relieve the borrower of any further obligations related to the note.

• Delayed repayment

In case of late payment, the lender must issue a demand letter requesting the payment and any applicable late fees. If the borrower still fails to make up for the payment, the lender must evaluate the financial viability of initiating legal action.

• Non-repayment

If the borrower completely defaults on payment, the lender can pursue repayment (and collateral repossession, if applicable) via small claims court (a less expensive venue that doesn’t permit attorney representation, thereby eliminating attorney’s fees) for loans under the state limit . Litigation may be necessary if the loan exceeds the lender’s state limit.

Taking Legal Action

A comprehensive list of documents required when pursuing legal action for non-payment of a promissory note may include:

• The note itself. This is the original agreement that indicates the borrower’s promise to pay and contains your signatures. A copy will suffice if the original is lost.
• The demand letter. This serves as proof that you have formally demanded repayment.
• Correspondence. Any emails, letters, or other communications regarding the loan and repayment with the borrower.
• Other supporting documentation. This might include collateral agreements, personal guarantees, or other relevant contracts.
• Specific small claims court forms (if applicable) . Depending on your location and the claim amount, you may need to fill out specific forms for small claims court.

It’s important to consider that litigation costs may exceed the recoverable amount . Furthermore, even if a judgment favors the lender, recouping the funds can be challenging if the borrower lacks the financial means to settle the debt.

• Legal recourse: It provides a lender with legal recourse if a borrower fails to repay the loan;
• Evidence of debt: It acts as a record of the transaction that can be used for accounting and tax purposes;
• Additional flexibility: Its transferability offers lenders an effective risk management method.

Tax benefits of promissory notes

The IRS permits annual tax-free gifts of up to $17,000 per individual or $34,000 per couple, excluding direct payments for education or medical costs.

Upon reaching this limit, a family loan can be facilitated through a promissory note at IRS-specified low-interest rates , keeping the interest and principal within the family as a tax-efficient support mechanism.

Usury is the illegal practice of setting the interest rate on debt (including all extra charges like fees and discount points) higher than the maximum limit set by the relevant law or beyond what’s allowed in an exception to the law. Therefore, usury rates refer to illegally high-interest rates exceeding the maximum limit .

Each state has different legislation on usury. Find the maximum interest rate you can charge legally in your state in the Usury Limits table below.

Refer to the free sample or download a customizable promissory note template below.

PROMISSORY NOTE

State of ___________

Amount: $________ [Principal amount]

Dated: ___________, 20___

FOR VALUE RECEIVED, the undersigned _____________________________ [Name of borrower(s)], (collectively “Borrower”), hereby promises to pay to the order of _____________________________ [Name of lender(s)], (collectively “Lender”), the principal sum of $________ (the “Principal Amount”) including interest in accordance with the terms set forth below.

1. Payment. The Principal Amount together with any accrued and unpaid interest and all other charges, costs and expenses, is due and payable on: (Check one)

☐ ___________, 20___. ☐ demand of the Lender.

All payments under this Note are applied first to any accrued interest and then to the Principal Amount.

2. Payment Schedule. (Check one)

☐ This Note shall be payable in installments equal to $________. The first payment is due on ___________, 20___ and due thereafter in equal consecutive installments every: (Check one)

☐ Month ☐ Quarter ☐ Year ☐ Other: ______________

☐ This Note shall NOT be payable in installments.

3. Security. (Check one)

☐ This is a secured note. Borrower agrees that until the Principal Amount of this Note together with any interest is paid in full, this Note will be secured by _________________________________ [Collateral], and Borrower hereby grants to Lender a security interest in and to such property.

☐ This is an unsecured note.

4. Interest. (Check one)

☐ The Principal Amount shall bear interest at the rate of $________ per annum, accruing daily. Notwithstanding, the total interest charged on the Principal Amount shall not exceed the maximum amount allowed by law and Borrower shall not be obligated to pay any interest in excess of such amount.

☐ The Principal Amount shall NOT bear interest.

5. Late Fee . (Check one)

☐ If Borrower fails to make a payment due under this Note within _____ days after the due date, Borrower agrees to pay to Lender a late payment fee of: (Check one)

☐ $________. ☐ ________% of the amount then due.

☐ A late payment fee will NOT be charged.

6. Acceleration. (Check one)

☐ In the event Borrower is more than _____ days late with a payment, Lender in its sole discretion may demand that the entire balance of the unpaid principal amount of this Note and any accrued and unpaid interest be immediately due and payable in full.

☐ This note will NOT be accelerated if a payment is late.

7. Prepayment. (Check one)

☐ Borrower has the right to prepay all or any part of the Principal Amount of this Note at any time without prepayment penalty or premium of any kind. Borrower must provide _____ days prior written notice to Lender of the prepayment and the amount of the prepayment. ( ☐ If Borrower pays all of the Principal Amount, together with any accrued interest, on or before ___________, 20___, Lender will give a discount of $________ of the outstanding Principal Amount due.)

☐ Borrower may NOT prepay the note.

8. Costs and Fees. Upon the occurrence of a default by Borrower, Borrower shall pay to Lender all costs of collection, including reasonable attorney’s fees.

9. Waiver. Borrower and all sureties, guarantors and endorsers hereof, waive presentment, protest and demand, notice of protest, demand and dishonor and nonpayment of this Note.

10. Guaranty. ______________ located at __________, __________, __________ __________ (“Guarantor”) promises to unconditionally guarantee to Lender, the full payment and performance by Borrower of all duties and obligations arising under this Note. Guarantor agrees that this guaranty shall remain in full force and effect and be binding on Guarantor until this Note is satisfied.

11. Assignment. Borrower may not assign its rights or delegate its duties under this Note without Lender’s prior written consent.

12. Joint and Several Liability. The obligation of each Borrower under this Note shall be joint and several.

13. Amendment. This Note may be amended or modified only by a written agreement signed by Borrower and Lender.

14. Notifications. Any notice or communication under this Note must be in writing and either personally delivered, sent by overnight courier service, certified or registered mail, postage prepaid, return receipt requested or by facsimile or electronic email transmission.

15. Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of ____________.

16. Miscellaneous. This Note will inure to the benefit of and be binding on the respective successors and permitted assigns of Lender and Borrower. Lender shall not be deemed to have waived any provision of this Note or the exercise of any rights held under this Note unless such waiver is made expressly and in writing. Waiver by Lender of a breach or violation of any provision of this Note shall not constitute a waiver of any other subsequent breach or violation. In the event that any of the provisions of this Note are held to be invalid or unenforceable in whole or in part, the remaining provisions shall not be affected and shall continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in this Note.

IN WITNESS WHEREOF, the undersigned has executed this Note as of the date first stated above.

Borrower Signature: ________________________

Borrower Full Name: ________________________

Guarantor Signature: ________________________

Guarantor Full Name: ________________________

Lender Signature: ________________________

Lender Full Name: ________________________

What makes a promissory note invalid?

A promissory note may be invalid if:

• It lacks essential elements like the amount owed, the interest rate, and the repayment terms;
• It was signed under duress (i.e., someone was threatened or forced to sign it);
• It involves illegal activity (i.e., loan sharking or money laundering);
• It’s forged or fraudulently altered.

Does a promissory note need to be recorded?

Typically, promissory notes are not recorded with the county and are retained by the lender. Only those notes involving real estate are typically recorded.

Can a promissory note be signed electronically?

Yes , a promissory note can be signed electronically. The validity of electronic signatures is recognized under the E-Sign Act.

However, ensuring that the process follows all relevant laws and standards in your jurisdiction is important.

How long is a promissory note valid?

A promissory note can last 3-15 years , depending on the jurisdiction. As it is a legally binding contract, its statute of limitation is generally the same as that of other written agreements.

However, this period extends to 15-30 years for real estate-related notes.

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Promissory Note

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A Promissory Note , also sometimes called an IOU , is essentially a one-sided document by which a borrower of money (most often just called the "Borrower") agrees to pay a lender (the "Lender"). A Promissory Note is different than a loan agreement because it only binds one party - the Borrower - to actions (such as payment) or consequences (such as if the Borrower doesn't pay), but it doesn't bind the Lender to anything. In fact, Lenders don't even sign Promissory Notes - only Borrowers do.

Often, Promissory Notes are used in place of more formal loan agreements when the loan is being made informally between friends or family members . Promissory Notes can even sometimes be used between very small businesses. When more formal loans are made between bigger businesses or banks, for example, that is when loan agreements are used.

How to use this Document

This document can be used in any situation where an individual or business is borrowing money from another individual or business but is best used in situations where money is being loaned somewhat informally, between family or friends. This is because the Promissory Note is only signed by one party , the Borrower, and it does not bind both parties to an agreement.

In this document, the basic details of the loan will be entered, such as the amount and when the total amount is due. It also includes, of course, the identifying details of both parties: the name and address of the individual borrower and lender, or the business name and business address of a company borrower or lender.

This Promissory Note will also include a determination of the biggest issue with the loan - whether or not interest will be charged.

A Promissory Note is a short, succinct document for a loan. For a more detailed loan, an in-depth Loan Agreement can be used.

Applicable Law

Promissory Notes are governed by Article III of the Uniform Commercial Code (the "UCC").

How to modify the template

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.

Guides to help you

• How to Get your Debtor to Pay
• What is the Difference Between a Promissory Note and Loan Agreement?
• Should I Use a Promissory Note for a Friendly Loan?

Other names for the document:

Agreement to pay back money, Note for IOU, Note of hand, Note to pay back funds, Payable note

Country: United States

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How to write a promissory note

A promissory note puts the terms of a loan in writing. Promissory notes don't have to be long or complicated, but there are some key items you'll want to include. Learn more about writing and amending a promissory note.

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by   Jane Haskins, Esq.

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Updated on: January 8, 2024 · 3 min read

What is a promissory note?

Secured vs. unsecured promissory note, writing the promissory note terms, signing and storing a promissory note, communicating changes to a promissory note.

A promissory note is a contract that spells out the terms of a loan. It reduces misunderstandings and provides a legal remedy if the borrower doesn't pay or the lender oversteps its rights. If you're borrowing or lending money, you should consider having one—you can write one either as the borrower or the lender.

Learn more about how to write a promissory note and how to amend one.

A promissory note is a written promise for one person (or company) to pay a specific amount of money to someone else. A promissory note includes much more detail than a simple IOU. It lays out all the specifics of the loan, including the amount, the interest rate, and when payments are due.

A promissory note is useful for both borrowers and lenders. For example, if your small business borrows money from a family member, a promissory note makes it clear that the money is a loan, not an investment that gives Uncle Joe a stake in the business. If you're lending money, it describes exactly how you expect to be repaid, and it helps you enforce your rights if the borrower doesn't pay.

Before writing a promissory note, you must decide if the loan will be secured or unsecured . A secured promissory note is used if personal property or real estate is collateral for the loan. If the borrower doesn't pay, the lender can take the collateral. For example, auto loans are usually secured. If you don't make your payments, the lender can repossess your car.

An unsecured promissory note is a note without any collateral. You have to go to court to enforce an unsecured note. Short-term loans between friends and family members are usually unsecured.

You don't have to write a promissory note from scratch. You can use a template or create a promissory note online . But before you begin, you'll need to gather some information and make decisions about the way the loan will be structured.

First, you'll need the names and addresses of both the lender (or "payee") and the borrower. You should then list the basic promissory note terms and conditions:

• The amount of money being lent.
• The interest rate, if you are charging interest. The interest rate shouldn't be higher than your state law allows.
• For a secured promissory note, the collateral or "security" being used.

You'll also include the promissory note payment terms, such as:

• The amount of each payment. You can require periodic payments at certain times, such as monthly. Or, repayment can be in a lump sum.
• When payments are due.
• The address where payments should be sent.
• Penalties for late payments.

A promissory note also describes the events that are considered a "default," and the lender's legal remedies if there is a default. For example, an event of default might be nonpayment for a particular amount of time, and the lender might be entitled to repossess the collateral.

A promissory note must be signed by the borrower to be valid. You may want the borrower to sign in front of a notary to ensure the signature is authentic.

The lender keeps the original promissory note and the borrower should receive a copy. Keep the promissory note with your other important papers, so you can find it if you need to .

As time goes on, you may want to change the promissory note terms. For example, you might agree to change the interest rate or the length of the loan.

Always put promissory note changes in writing and have the borrower sign off on them, as oral changes can't be enforced in court. Changing a note without the borrower's written agreement makes a promissory note invalid. For this reason, the best way to change a note is to create a new document and label it as an amendment to the promissory note. Remember to make reference to the original promissory note and list the specific changes you're making. Then, have the borrower sign the amendment and keep it with the original note.

Writing a promissory note forces you to think through the specifics of a loan before money changes hands, as it reduces misunderstandings and gives you peace of mind knowing you have legal recourse if anything goes wrong.

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Note Templates

8+ assignment of promissory note – free sample, example, format download.

Want to know about assignment of promissory note ! Once signed by the issuer, loan promissory notes act more or less as currencies do, especially in their immediate jurisdiction. The bearer can transfer all rights over the note to another person or institution. As long as the note is labeled as unconditional, all the terms and conditions applicable at the time of issue will also apply with the new owner.

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Assignment of Promissory Note dated effective as of April 16, 2020

Exhibit 10.2

ASSIGNMENT OF PROMISSORY NOTE

THIS ASSIGNMENT OF PROMISSORY NOTE (this “ Assignment ”) is effective as of April 16, 2020, and is by and among RIVULET FILMS LLC, an Arizona limited liability company (“ Assignor ”), and RIVULET MEDIA, INC., a Delaware corporation (“ Assignee ” and together with Assignor, the “ Parties ”).

A.       Blue Scout Enterprises LLC, an Arizona limited liability company (“ Maker ”), executed that certain Promissory Note dated February 11, 2020 in the original principal amount of Five Hundred Fifty Thousand Dollars ($550,000.00) and payable to Assignor (the “ Note ”).

B.       Assignor desires to assign to Assignee, and Assignee desires to assume, all of Assignor’s rights and obligations under the Note, including the right to receive payment thereunder.

C.       Consent by Maker is not required to effect the assignment contemplated herein.

Now, therefore, the Parties agree as follows:

1.        Assignment and Assumption . Effective as of the date written above, Assignor hereby assigns, and Assignee hereby assumes, all of Assignor’s rights and obligations under the Note.

2.        Representations and Warranties . Assignor represents and warrants to Assignee that (a) concurrently with this Assignment, it will deliver to Assignee the original, executed Note, including any modifications and amendments thereto; (b) the Note is in full force and effect and that no Event of Default has occurred thereunder; and (c) it has not assigned the Note to any third parties.

3.        Further Assurances . The Parties will take such additional actions as each may reasonably request to effect, consummate, confirm, or evidence the assignment contemplated herein.

4.        Binding Effect; Parties . This Assignment shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns.

5.        Governing Law . This Agreement is governed by the laws of the State of Arizona without regard to principles of conflicts of laws.

6.        Counterparts . This Agreement may be executed in two or more counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument. This Agreement may be executed and delivered by facsimile or other electronic signature (including .pdf).

(Signature page follows)

IN WITNESS WHEREOF, the Parties have caused this Assignment Agreement to be duly executed as of date first above written.

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Allonge To Promissory Note

Jump to Section

What is an allonge to promissory note.

An allonge to promissory note is an actual sheet of paper or document firmly affixed to a promissory note or negotiable instrument that may contain additional endorsements. The written endorsements on the allonge are considered a part of the bill itself and are treated as such in loan proceedings.

An allonge to promissory note is different from an assignment. An assignment in this context is what gives a party the legal designation and right to move forward with legal action on a property, whereas an allonge is an endorsement that allows you to collect on the promissory note.

Common Sections in Allonge To Promissory Notes

Below is a list of common sections included in Allonge To Promissory Notes. These sections are linked to the below sample agreement for you to explore.

Allonge To Promissory Note Sample

Reference : Security Exchange Commission - Edgar Database, EX-10.48 5 d330786dex1048.htm ALLONGE TO PROMISSORY NOTE , Viewed October 13, 2021, View Source on SEC .

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Christopher M.

Skilled and experienced business attorney with vast experience in a wide array of commercial contracts. Strong emphasis on the lodging and hospitality practice field, including real estate acquisition and disposition, management agreements, franchise agreements, design & construction contracting and finance.

I have been licensed for 23 years in Texas and federal courts. I am available to work as registered In House Counsel in other states. For the past 14 years I have practiced Corporate Law, Oil and Gas, Agricultural Law, Commercial Real Estate (transactional), HR Law, and Environmental and Land Use. Prior to that, I practiced Criminal Law for both the prosecution and defense for ten years.

Successful entrepreneur and business attorney with keen insight into the challenges faced by small and medium-sized businesses. In addition to my solo practice, I have extensive experience as general counsel for highly regulated businesses where I have negotiated and drafted a wide array of contracts, conducted internal regulatory compliance, engaged in transactional work and assisted with general commercial litigation.

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