Free Loan Repayment Agreement Template
LOAN REPAYMENT AGREEMENT
This Loan Repayment Agreement ("Agreement") is entered into as of May 2, 2050, by and between [Your Name] [Your Company Name], hereinafter referred to as the "Lender," located at [Your Company Address], and [Borrower's Name], hereinafter referred to as the "Borrower," residing at [Borrower's Address].
1. Loan Terms
1.1 Principal Amount: The Lender agrees to lend the Borrower the principal sum of Five hundred thousand dollars $500,000 (the "Principal Amount").
1.2 Interest Rate: The Principal Amount shall accrue interest at the rate of 5.25% per annum, calculated on the outstanding balance.
1.3 Loan Repayment Schedule: The Borrower shall repay the loan in 60 equal installments of $8,500 each, commencing on June 1, 2050, and continuing on the monthly thereafter until the entire Principal Amount, plus any accrued interest, is repaid in full.
1.4 Payment Method: All payments under this Agreement shall be made in US dollars and shall be payable to the Lender by bank transfer or certified check.
1.5 Prepayment: The Borrower reserves the right to prepay the outstanding balance, in whole or in part, at any time without penalty.
1.6 Late Payments: If any installment payment is not received by the Lender within 10 days of its due date, the Borrower shall be liable to pay a late fee of $150 for each late payment.
2. Default
2.1 Events of Default: The following events shall constitute an event of default under this Agreement:
a. Failure by the Borrower to make any payment when due.
b. Breach of any other provision of this Agreement by the Borrower.
c. Insolvency or bankruptcy of the Borrower.
2.2 Remedies: Upon the occurrence of an event of default, the Lender may, at its sole discretion, declare the entire Principal Amount, plus any accrued interest, to be immediately due and payable.
3. Miscellaneous
3.1 Governing Law: This Agreement shall be governed by and construed by the laws of [insert governing jurisdiction].
3.2 Entire Agreement: This Agreement constitutes the entire understanding and agreement between the parties concerning the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.
3.4 Amendment: This Agreement may only be amended or modified in writing and signed by both parties.
3.5 Severability: If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
4. Execution
This Agreement holds the potential for execution in multiple counterparts. Each counterpart within this Agreement stands as an individual original piece. However, when combined, each of these counterparts collectively forms the entirety of the same instrument. This implies that while each counterpart holds its unique value, they are all part of the same entity when viewed as a whole.
5. Insurance
The Borrower is obligated to maintain appropriate insurance coverage on any form of collateral that is utilized to secure the loan. Additionally, it is pertinent that the Lender is named as the loss payee in the event of any potential loss scenarios.
6. Security
To secure the repayment of the loan and any interest accrued thereon, the Borrower hereby grants to the Lender a security interest in a quaint cottage nestled in the countryside.
7. Representations and Warranties
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The Borrower represents and warrants that all information provided to the Lender in connection with this Agreement is true, accurate, and complete.
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The Borrower represents and warrants that it has the legal authority to enter into this Agreement and to perform its obligations hereunder.
8. Indemnification
The Borrower agrees to indemnify and hold harmless the Lender from and against any claims, damages, losses, liabilities, and expenses (including reasonable attorneys' fees) arising out of or in connection with any breach of this Agreement by the Borrower.
9. Notices
All notices, requests, demands, and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given if delivered personally or sent by certified or registered mail, postage prepaid, or by reputable overnight courier service.
10. Confidentiality
The terms and conditions of this Agreement shall be treated as confidential by both parties and shall not be disclosed to any third party without the prior written consent of the other party, except as required by law.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
[YOUR NAME]
[Your Company Name]
[BORROWER'S NAME]
