Equipment Finance Agreement With Notary
Equipment Finance Agreement With Notary
This Equipment Finance Agreement ("Agreement") is made effective as of [Date], by and between:
Lender: [Your Company Name], a [State of Incorporation] corporation with its principal place of business at [Your Company Address] ("Lender"),
Borrower: [Borrower's Name], a [State of Incorporation] corporation with its principal place of business at [Borrower's Address] ("Borrower").
Background
The Borrower is a startup/small business seeking financing to acquire the necessary equipment for its operations. The Lender agrees to provide financing for the purchase of such equipment under the terms and conditions outlined in this Agreement.
1. Equipment Description
The Borrower shall use the financing provided by the Lender to acquire the following equipment ("Equipment")
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Computer systems (desktops, laptops, monitors)
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Office furniture (desks, chairs, cabinets)
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Manufacturing equipment (machinery, tools)
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Vehicles (delivery vans, trucks)
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Restaurant equipment (ovens, refrigerators, cooking appliances)
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Medical equipment (diagnostic tools, examination tables)
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Construction equipment (excavators, loaders)
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Printing and copying machines
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Fitness equipment (treadmills, weights)
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IT infrastructure (servers, networking equipment)
2. Financing Amount
The totality of the financing amount that is set to be provided by the source of the loan, who in this context is referred to as the Lender, should ultimately equate to precisely USD 50,000.
3. Term
The term or duration of this particular Agreement is set to last for a period of thirty-six months, which is equivalent to three years. It is the responsibility of the Borrower to adhere to the payment plan outlined in Section 4 of this agreement, which involves repaying the financed amount in periodic installments.
4. Payment Terms
The Borrower shall repay the financing amount in equal monthly installments of USD 1,000 commencing on May 01, 2050. Each installment shall be due on the 1st day of each month thereafter until the financing amount is fully repaid.
5. Interest
The lender is providing the financing, and upon that provided financing, interest will accumulate. This interest will grow at a rate of 6.5% every year, and this accumulation will not happen just once at the end of the year but every month. That means the interest is being compounded every month.
6. Security Interest
As security for the financing provided under this Agreement, the Borrower grants the Lender a security interest in the Equipment until the financing amount is fully repaid.
7. Use of Equipment
The individual or entity that is borrowing henceforth referred to as the Borrower, is obligated to utilize the Equipment exclusively for purposes that are directly tied to its business operations. The Borrower holds the responsibility to uphold the condition of the Equipment and to ensure all necessary repairs are carried out efficiently. In other words, the Borrower is required to keep the Equipment in a state that classifies as good condition and repair throughout the entire duration of the borrowing period.
8. Representations and Warranties
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The Borrower has the authority to enter into this Agreement.
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The Equipment will be used for lawful business purposes.
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The Borrower is not currently in default under any other agreement or obligation.
9. Notary
This Agreement shall be notarized by [Name of Notary] located at [Notary's Address] to ensure authenticity and legal validity.
10. Governing Law
This Agreement shall be governed by and construed by the laws of the State of [State], without regard to its conflict of laws principles.
11. Entire Agreement
This Agreement constitutes the entire agreement between the parties regarding the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.
IN WITNESS WHEREOF, the parties hereto have executed this Equipment Finance Agreement as of the date first above written.
[YOUR NAME]
[DATE SIGNED]
[BORROWER'S NAME]
[DATE SIGNED]
Signed, sealed, and delivered in the presence of the undersigned witnesses:
Witness 1:
[WITNESS 1'S NAME]
[DATE SIGNED]
Witness 2:
[WITNESS 2'S NAME]
[DATE SIGNED]
[Seal (if applicable)]
Notary Acknowledgment Section
State of [State],
This instrument was acknowledged before me on [Date], by [Your Name] and [Your Name] of [Name of Borrower], a [State of Incorporation] corporation, on behalf of the corporation.
[NOTARY PUBLIC'S NAME]
My Commission Expires: [EXPIRATION DATE OF COMMISSION]
Note: This template is a basic example and should be customized to fit the specific needs and circumstances of the parties involved. It's advisable to consult with a legal professional to ensure compliance with applicable laws and regulations.
