Promissory Note past contractual date

[Matthew Rayl]

Background: My first deal and it's been a bear to say the least. The deal itself was solid, but the business partner has been a pure headache. This deal has been a massive lesson (among countless others) for performing better due diligence with respect to a business partner. I am the Lender and business partner is the Borrower. JV fix and flip in Ohio. The Borrower has not repaid the loan within the contractual period of the Promissory Note.

Request interpretation of the following PN statement:

"If Borrower defaults in payment as required under this Note or after demand for ten (10) days, the Security will be immediately provided to the Lender and the Lender is granted all rights of repossession as secured party."

The statement is pretty straightforward, but I would still greatly appreciate seasoned input in lay-man's terms.   Additionally, I would appreciate recommended follow on courses of action to properly address this situation.  Thanks in advance BP.

-Matt 

[Carl Fischer]

@Matthew Rayl

Start with the attorney that created the PN, JV documents, and security documentation.