Legal Question in Credit and Debt Law in Minnesota

I have a private promissory note and the terms read:

In the event that borrower becomes unable to repay in full for any reason by [date], the borrower or his representative will surrender to loaner the [equipment] bought with money borrowed on [date]. [Equipment] listed as follows (and lists [equipment].

[Equipment] will be safely stored, and returned to borrower upon full repayment of loan. If borrower has made loan repayments in excess of 75% of the principal loan amount due by loan repayment date, the aforementioned [equipment] may remain with borrower and remaining loan balance may be re-negotiated and a new agreement made at that time, replacing current loan agreement.

The agreement was signed and notarized.

My question is, per the terms, I have to give back said [equipment]. If the value of the [equipment] fails to meet or exceed the original loaned amount, per these terms, is the loaner still owed the difference? I am under the impression that returning the [equipment] which was purchased, would absolve the debt/promissory note. Is this correct?

Thanks!

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