What does a promissory note secured by a mortgage represent?

A promissory note secured by a mortgage represents evidence of the debt that the borrower owes to the lender. This type of note is a written promise to repay a specified amount of money over a certain period, which is typically used to finance the purchase of real estate. When a mortgage secures the promissory note, it provides the lender with an interest in the property being financed, ensuring that the lender can claim the property if the borrower defaults on the loan. This connection between the promissory note and the mortgage is essential because it not only confirms the existence of the debt but also specifies the terms under which it must be repaid. Thus, recognizing a promissory note secured by a mortgage as evidence of the debt is crucial for understanding the borrower's obligations and the lender's rights in real estate transactions.