Lending Money Contract
LENDING MONEY CONTRACT
This Lending Money Contract ("Contract") is entered into as of [DATE OF AGREEMENT] by and between [YOUR NAME] ("Lender") with address at [YOUR COMPANY ADDRESS] and [BORROWER NAME] ("Borrower") with address at [BORROWER ADDRESS].
1. LOAN
The Lender agrees to lend to the Borrower the principal sum of $5,000 (Five Thousand Dollars) (the "Loan Amount"). The Loan Amount shall be disbursed to the Borrower in one lump sum.
2. INTEREST
The Loan shall accrue interest at the rate of 6% per annum. Interest shall be calculated on the outstanding principal balance of the Loan and shall be compounded monthly.
3. TERMS OF PAYMENT
The Borrower shall repay the Loan Amount and all accrued interest according to the following terms:
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Repayment Schedule: The Loan shall be repaid in twelve (12) equal monthly installments of $439.04 commencing on April 22, 2024. The final installment shall be due on March 22, 2025.
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Method of Payment: All payments shall be made in US Dollars to the Lender by check or electronic transfer to the following account: [Bank Name], [Account Number], [Routing Number].
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Prepayment: The Borrower may prepay the Loan in whole or in part at any time without penalty.
4. DEFAULT
Should the Borrower not fulfill payment obligations by the stipulated due date, the Lender holds the authority to pursue requisite legal measures for loan retrieval, where all associated expenses will be charged to the Borrower.
5. GOVERNING LAW AND JURISDICTION
This Contract shall be governed by and construed by the laws of [Specify governing jurisdiction]. Any dispute arising out of or in connection with this Contract shall be subject to the exclusive jurisdiction of the courts of [Specify jurisdiction].
6. MISCELLANEOUS
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Entire Agreement: This Contract constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.
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Amendments: Any amendments to this Contract must be made in writing and signed by both parties.
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Severability: If any provision of this Contract is held to be invalid or unenforceable, such provision shall be severed, and the remaining provisions shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Contract as of the date first above written.
[Your Name]
Lender
[Date Signed]
[Borrower Name]
Borrower
[Date Signed]
