Loan Agreement With Notary
I. Loan Agreement
This Loan Agreement ("Agreement") is made and entered into on [Date], by and between:
Lender:
[Your Company’s Name]
[Your Company Address]
[City, State, Zip Code]
Borrower:
[Borrower's Name]
[Address]
[City, State, Zip Code]
WHEREAS, the Borrower desires to obtain a loan from the Lender to finance the acquisition of real estate, and the Lender is willing to provide such loan to the Borrower subject to the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties agree as follows:
II. Loan Amount
The Lender, by the agreement, is willing to provide a loan to the Borrower. The total amount of the loan that is to be extended by the Lender to the Borrower is Five Hundred Thousand dollars, which is equivalent to $500,000. The Borrower will then repay this amount based on the conditions and repayment schedule stipulated within the terms and conditions of this agreement.
III. Interest Rate
The loan that is being provided shall have its interest, at a percentage rate of 4.5 on a per-year basis, constantly accumulated. This interest accumulation will be based on the calculation of the outstanding main sum of the loan balance which has not yet been paid off.
IV. Term
The specified duration of this loan also referred to as its term, is set to encompass a total of 36 months, which is equivalent to a period of 3 years. This term shall commence from the date on which the disbursement of the loan's funds takes place, as per the agreement.
V. Repayment
The Borrower shall repay the loan amount in 60 equal installments of $1,000 each, commencing on July 01, 2050, and continuing on the 1st day of each month thereafter until the loan is fully repaid.
VI. Prepayment
The individual or entity that has borrowed the funds, herein referred to as the Borrower, is granted the privilege and has the explicit right to make a prepayment towards the loan that they have incurred. This prepayment can be made in its entirety, covering the full balance of the loan, or in part, covering only a fraction of the outstanding balance. The borrower can exercise this right at any point in time, regardless of the timeline stipulated in the loan agreement, and will not be subjected to any form of penalty or additional charges for electing to do so.
VII. Security
The provision of this loan will be safeguarded through the creation of a mortgage. The mortgage being referred to in this context pertains to the real estate or property that can be found at the specified location, stated as [Property Address]. The property is, hence, being used as collateral or security against the loan, ensuring the repayment of the loan.
VIII. Notarization
The individuals who are part of this agreement have come to a common consensus that before [Name of Notary Public], who holds the position of a Notary Public, this agreement should be appropriately notarized. The said notarization process is scheduled to occur on [Date of Notarization].
IX. Governing Law
This Agreement shall be governed by and construed by the laws of the State of [State].
IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement as of the day and year first above written.
[YOUR NAME]
[DATE SIGNED]
[BORROWER'S NAME]
[DATE SIGNED]
[Additional Witness Signature, if required]
X. Acknowledgment
State of [State],
On this [Date], before me, [Name of Notary Public], a Notary Public in and for said County and State, personally appeared [Name of Borrower], known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that [he/she/they] executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I have hereunto set my hand and official seal the day and year last above written.
[NOTARY PUBLIC'S NAME]
My Commission Expires: [EXPIRATION DATE OF COMMISSION]
[Notary Seal]
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