Special Power of Attorney for Loan Purpose
Special Power of Attorney for Loan Purpose
This Special Power of Attorney for Loan Purpose ("Power of Attorney") is hereby granted on [Insert Date] by [Your Name], residing at [Your Company Address], referred to herein as the "Principal," to [Agent's Full Name], residing at [Agent's Address], referred to herein as the "Agent."
I. Appointment of Agent
The Principal hereby appoints the Agent as their attorney-in-fact, granting the Agent the authority to act on behalf of the Principal in all matters related to obtaining, negotiating, and managing loans or financial transactions.
II. Scope of Authority
The Agent is authorized to perform the following actions on behalf of the Principal:
a. Loan Application: The Agent is authorized to apply for loans on behalf of the Principal, including but not limited to submitting necessary documents and signing loan agreements.
b. Loan Negotiation: The Agent is authorized to negotiate terms and conditions of loans, including interest rates, repayment schedules, and other pertinent details, on behalf of the Principal.
c. Loan Management: The Agent is authorized to manage loan accounts, make payments, handle correspondence with lenders, and address any issues that may arise during the term of the loan.
d. Loan Closure: The Agent is authorized to close out loan accounts, settle outstanding balances, and handle associated paperwork upon completion of the loan agreement.
III. Duration and Revocation
This Power of Attorney shall remain in effect until [Insert Date] unless earlier revoked by the Principal. The Principal reserves the right to revoke this Power of Attorney at any time by providing written notice to the Agent.
IV. Reliance on Third Parties
Third parties, including but not limited to lenders, financial institutions, and other relevant parties involved in loan processes, may rely upon this Power of Attorney as if executed by the Principal.
V. Governing Law
This Power of Attorney shall be governed by and construed by the laws of [State/Country].
VI. Execution
The Principal acknowledges that they have read and understood the contents of this Power of Attorney and voluntarily execute it as of the date first above written.
IN WITNESS WHEREOF, the Principal has caused this Power of Attorney to be executed as of [Insert Date].
Principal:
[Your Name]
Agent:
[Agent's Name]
Witness Acknowledgement
We, the undersigned witnesses, certify that [Your Name] has signed this Special Power of Attorney for Loan Purpose in our presence.
Witness 1:
[Witness 1 full name]
Witness 2:
[Witness 2 full name]
Notary Acknowledgement
On this [Insert Date], before me, a Notary Public, personally appeared [Your Name], known to me (or satisfactorily proven) to be the person whose name is subscribed to the foregoing instrument, and acknowledged that he/she executed the same for the purposes therein contained.
Witness my hand and official seal.
[Notary Public Name]
My Commission Expires: [Insert Date]
