Deed Of Debt
Deed Of Debt
This Deed of Debt is made and entered into on [Date], between [Your Name], residing at [Your Company Address], hereinafter referred to as the "Creditor", and [Debtor's Name], residing at [Debtor's Address], hereinafter referred to as the "Debtor".
I. Recitals
Whereas, the Creditor has agreed to lend a sum of Five Thousand Dollars ($5,000.00) (hereinafter referred to as the "Principal Amount") to the Debtor, and the Debtor has agreed to borrow the same from the Creditor, subject to the terms and conditions set forth herein.
II. Agreement
2.1 Principal Amount
The Debtor acknowledges receipt of the Principal Amount from the Creditor, the sufficiency of which is hereby acknowledged.
2.2 Interest
The Principal Amount shall accrue interest at the rate of 5% per annum, calculated from the date of this Deed until full repayment.
2.3 Repayment
The Debtor agrees to repay the Principal Amount and accrued interest in twelve (12) equal consecutive monthly installments of Four Hundred Seventeen Dollars and Fifty Cents ($417.50) each, commencing on [Commencement Date], with the final installment due on [Final Repayment Date].
2.4 Prepayment
The Debtor reserves the right to prepay the outstanding Principal Amount and accrued interest, in whole or in part, at any time without penalty.
2.5 Default
In the event of default by the Debtor in the payment of any installment or any other breach of this Deed, the entire outstanding Principal Amount and accrued interest shall become due and payable immediately.
2.6 Governing Law
This Deed shall be governed by and construed under the laws of the State of [State], without regard to its conflict of law principles.
III. General Provisions
3.1 Notices:
Any notices required or permitted to be given under this Deed shall be in writing and delivered personally or sent by registered or certified mail to the parties at their respective addresses provided herein.
3.2 Entire Agreement:
This Deed constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior agreements, understandings, representations, and warranties, whether written or oral.
3.3 Amendment:
No amendment or modification of this Deed shall be valid or binding unless made in writing and duly executed by both parties hereto.
IV. Execution
IN WITNESS WHEREOF, the parties hereto have executed this Deed of Debt as of the date first above written.
[Your Name]
[Date]
[Debtor's Name]
[Date]
