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Promissory note

A mortgage or deed of trust loan is evidenced by a promissory note from the borrower to the lender. The promissory note contains a promise to repay the loan and specifies the maker (borrower), the payee (lender), and the payment terms, including the interest rate, maturity date, and the fact (if applicable) that the loan is repayable on demand. It also references that the promissory note is secured by the mortgage or deed of trust and describes the conditions that constitute a default.