This template offers a simple yet comprehensive contract that is easy to understand and use. You can download, edit and adapt this template to meet your individual needs, adding specificity to your agreement and offering you peace of mind. Structure your financial agreements with clarity using our template.
AGREEMENT DETAILS
This Agreement is made and entered into this ________ day of ________, 20______, by and between First Party’s Full Name, henceforth known as the “Lender”, and Second Party’s Full Name, henceforth known as the “Borrower” (collectively referred to as the “Parties”).LOAN AMOUNT AND TERMS
The Lender agrees to lend the Borrower the principal sum of Loan Amount in Words (Loan Amount in Figures). This loan will be repaid by the Borrower to the Lender on a payment plan of Number of Installments installments over the course of Number of Months/Years.INTEREST RATE
The annual interest rate for this loan is Interest Rate Percentage percent per annum. This interest will be calculated on a yearly basis and will be due and payable by the Borrower along with the principal amount of the loan.REPAYMENT
The Borrower agrees to repay the loan in Number of Installments installments of Monthly Payment Amount in Words (Monthly Payment Amount in Figures) each. The first installment will be due on Date of First Installment and subsequent payments will be due on the same date of each subsequent month/year until the loan is fully repaid.PREPAYMENT
The Borrower may prepay all or any part of the principal without penalty.DEFAULT
If the Borrower fails to make a payment within Number of Days days of its due date, the Borrower will be in default of this Agreement.LATE FEE
In the event of a late payment, a fee of Late Fee Amount in Words (Late Fee Amount in Figures) will be added to the payment amount.SECURITY
To secure the repayment of the loan, the Borrower provides the following collateral: Description of Collateral.GOVERNING LAW
This Agreement will be governed by and construed in accordance with the laws of the state of State of Governing Law.ENTIRE AGREEMENT
This Agreement embodies the entire agreement between the Parties and supersedes all prior oral or written agreements, understandings, or arrangements.SIGNATURES
______________________________First Party’s Full Name (Lender)
Date: ________
______________________________
Second Party’s Full Name (Borrower)
Date: ________
NOTARY ACKNOWLEDGEMENT
State of StateCounty of County
On this ________ day of ________, 20______, before me, a notary public, the undersigned officer, personally appeared First Party’s Full Name and Second Party’s Full Name, known to me (or satisfactorily proven) to be the persons whose names are subscribed to the within instrument, and acknowledged that they executed the same for the purposes therein contained. ______________________________
Notary Public’s Full Name
My Commission Expires: ________
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