The Promissory Note Secured By Deed Of Trust is commonly used in Nigerian financing transactions where lenders require both a clear payment obligation and property security. This document is particularly useful in private lending arrangements, real estate financing, and business loans where the borrower owns real property that can serve as collateral. It provides stronger security than an unsecured promissory note while being potentially simpler to enforce than a traditional mortgage. The document must comply with multiple Nigerian laws, including the Bills of Exchange Act for the promissory note provisions and the Land Use Act for the property security aspects. It includes detailed payment terms, property descriptions, trustee appointments, and enforcement mechanisms, making it suitable for both commercial and private lending scenarios where real property security is available.

1. Parties: Identification of the Maker (borrower/promissor) and Payee (lender/promissee), including full legal names and addresses

2. Background: Brief context of the loan arrangement and purpose of the promissory note and deed of trust

3. Definitions: Key terms used throughout the document including 'Property', 'Security Interest', 'Event of Default', etc.

4. Promise to Pay: Unconditional promise to pay the principal amount, including the specific sum, interest rate, and payment schedule

5. Payment Terms: Detailed payment structure including installment amounts, due dates, and method of payment

6. Interest Calculation: Method of calculating interest, whether simple or compound, and frequency of compounding if applicable

7. Security Details: Description of the property being used as security and creation of the trust deed arrangement

8. Trustee Appointment: Appointment of trustee and their powers and responsibilities

9. Events of Default: Circumstances that constitute default and trigger enforcement rights

10. Enforcement Rights: Rights and remedies of the Payee upon default, including power of sale

11. Representations and Warranties: Maker's declarations regarding ownership of property and authority to enter agreement

12. Governing Law: Specification of Nigerian law as governing law and relevant jurisdiction