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Note

Note - a legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.  Often called the promissory note, it represents the borrower's promise to pay the lender according to the agreed-upon terms.   The note lists any penalties that will be assessed if the terms of the note are not met.  A note can also contain a warning to the borrower that the lender can "call" the loan (demand repayment of the entire loan before the end of the term) if the terms are violated.

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