The Promissory Note Secured By Deed Of Trust is a specialized financial instrument used in New Zealand when a lender requires both a formal promise of repayment and security over specific assets. This document type is particularly useful in private lending arrangements, property transactions, and business financing where traditional bank lending may not be suitable or available. It combines the straightforward nature of a promissory note with the security benefits of a trust deed, making it suitable for both commercial and private lending scenarios. The document must comply with New Zealand's Property Law Act 2007, Contract and Commercial Law Act 2017, and relevant securities legislation. It typically includes detailed terms regarding the payment obligation, interest calculations, security arrangements, trustee powers, and enforcement mechanisms.
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1. Parties: Identifies the maker (borrower), payee (lender), and trustee
2. Background: Explains the context of the loan and security arrangement
3. Definitions: Defines key terms used throughout the document
4. Promise to Pay: Core promise to pay the principal sum with specific amount and payment date(s)
5. Interest: Interest rate, calculation method, and payment schedule
6. Security: Description of the security arrangement and trust deed provisions
7. Payment Terms: Details of how and when payments must be made
8. Events of Default: Circumstances constituting default under the note
9. Enforcement Rights: Rights and remedies of the payee upon default
10. Representations and Warranties: Key statements of fact and promises by the maker
11. General Provisions: Standard legal provisions including governing law, notices, and amendments
1. Prepayment Provisions: Include when early repayment is permitted, specifying any penalties or conditions
2. Guarantees: Include when there are personal or corporate guarantees for the note
3. Insurance Requirements: Include when specific insurance must be maintained on secured assets
4. Assignment and Transfer: Include when the note is intended to be negotiable or transferable
5. Tax Provisions: Include when there are specific tax considerations or withholding requirements
6. Subordination: Include when the note needs to be subordinated to other debt
7. Security Release: Include when there are specific conditions for releasing the security
1. Payment Schedule: Detailed schedule of payment dates and amounts
2. Property Description: Legal description of any real property serving as security
3. Security Details: Detailed description of all assets serving as security
4. Trustee Powers: Specific powers and duties of the trustee
5. Guarantee Terms: If applicable, detailed terms of any guarantees
6. Form of Transfer: Standard form for transferring the note if negotiable
7. Insurance Requirements: Detailed insurance requirements for secured assets
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