a legal document that obligates a borrower to repay a mortgageloan at a stated interest rate during a specified period of time. the note serves as evidence of the debt. when secured by a mortgage, it is called a mortgagenote, and the mortgagee is named as the payee. in a Trustdeed, the note is usually made payable to the bearer or holder. the note may also contain some of the same provisions as in the mortgage or Trustdeed document, such as prepayment or acceleration.
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