FINANCIAL CONTRACT NOTARY
I, [Your Name], a Notary Public, do hereby certify that on this day, [Date], at [Your Company Address], appeared before me, [Party 1 Name] and [Party 2 Name], known or satisfactorily proven to be the individuals described in and who executed the foregoing instrument, and they both duly acknowledged that they executed the same for the purposes therein contained.
I. Parties Involved
This document confirms the agreement between:
[Party 1 Name], hereinafter referred to as the "Lender," located at [Party 1 Address], and identified by the following identification number: [Party 1 ID]
[Party 2 Name], hereinafter referred to as the "Borrower," located at [Party 2 Address], and identified by the following identification number: [Party 2 ID]
II. Financial Agreement
The aforementioned parties have entered into a financial contract with the following main terms:
Loan Purpose: The loan is provided for home renovation expenses.
Loan Amount: $50,000
Interest Rate: 4.5% per annum
Repayment Period: 5 years
Repayment Schedule: Monthly installments of $950, with the first installment due on April 1, 2050.
Prepayment: The Borrower reserves the right to prepay the loan in full or in part without any penalties or additional charges.
III. Collateral and Security
Collateral Description: To secure the repayment of this loan, the Borrower agrees to provide the following collateral: [Description of Collateral].
Security Interest: The Lender shall have a security interest in the collateral until the loan is fully repaid, and the Borrower agrees not to dispose of or encumber the collateral without the Lender's consent.
Insurance: The Borrower shall maintain adequate insurance coverage for the collateral and provide proof of insurance to the Lender upon request.
IV. Conditions and Covenants
Both parties agree to the following conditions and covenants:
Use of Funds: The Borrower agrees to use the loan funds solely for the stated purpose and not for any illegal or prohibited activities.
Default: In the event of default by the Borrower, the Lender may exercise its rights and remedies as per the terms of this agreement and applicable laws.
V. Notary Acknowledgement
Witnessed by me, [Your Name], on this [Date]. I hereby affix my hand and official seal.
Notary Signature:
[SEAL]
Date of Expiry of Commission:
[Date]
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