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Arizona Promissory Note Templates

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The Arizona promissory note templates are documents that solidify the act of a loan being offered from the lender to the borrower. Both the secured and unsecured versions record the parties’ personal information such as their names and addresses as well as the specifics of the agreement such as interest rates, final due dates, and installment options.

Types

Secured Promissory Note – This version requires the borrower to relinquish a predetermined item to the lender if default occurs.

Unsecured Promissory Note – This note requires an elevated level of trust between the two parties, as the lender does not receive any securities if the loan results in a default.

Usury Rate

Arizona statute states that, “Interest on any loan, indebtedness or other obligation shall be at the rate of ten per cent per annum, unless a different rate is contracted for in writing, in which event any rate of interest may be agreed to.”  Ariz. Rev. Stat. Ann. § 44-1201

How to Write

Step 1 – To begin, download the document – Submit:

  • The document’s start date in dd/m/yy format
  • The Borrower’s name
  • Borrower’s Mailing address
  • AND
  • Submit the lender’s full name
  • Lender’s mailing address
  • AND
  • The Lender must submit the principal amount of the loan
  • The lender must provide the annual percentage rate in the line provided

Step 2 – Payments – Enter the date in which the full balance of the loan is due – include late fees (mm/dd/yyyy format)

Installments – Check the box that would indicate the agreed the method of repayment:

  • Enter the applicable amount
  • If the repayment method will be an installment agreement, check the box stating the agreed frequency of repayment
  • Submit the late fee amount that must be paid by the borrower, if the payment late

Step 3 –  Security – Provide the following:

  • Lender shall check the box stating the level of security
  • If the loan is to be considered “secure,” provide information regarding the agreed property that will be provided before the loan may be secured
  • The borrower must carefully read the remainder of this section

Step 4 – Titled Sections – The borrower must carefully read titled sections as follows:

  • Interest Due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (and 6A. – Security)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Check the applicable box – In the event that a co-signer will be required, check the box. Provide the name of the Co-signer
  • Execution
  • Governing Law – Submit the state where the note shall be governed

Step 5 – Signatures – Must be entered in the presence of the witness. Submit the following required information:

  • The Lender’s signature
  • The date of lender’s signature in mm/dd/yyyy format
  • Lender’s printed name
  • AND
  • The Borrower’s signature
  • A date of signature in mm/dd/yyyy format
  • Enter the borrower’s printed name
  • AND
  • Submit the Co-signer’s signature (if any)
  • The date of signature in mm/dd/yyyy format
  • The Co-signer’s printed name
  • AND
  • The Witness nust provide their signature
  • Provide a date of signature in mm/dd/yyyy format
  • Witness’ printed name


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