Notarized Payment Agreement
Notarized Payment Agreement
This Agreement is made and entered into on this 12th day of May, 2050, by and between:
Lender: Sierra Aarons
Address: 4667 Leisure Lane Simi Valley, CA 93065
Borrower: Margaret Simmons
Address: 4606 Parkway Street Palm Springs, CA 92262
1. Loan Amount
The Lender agrees to loan the Borrower the sum of twenty thousand Dollars ($20,000.00) (the "Loan Amount").
2. Purpose of the Loan
The Borrower agrees to use the Loan Amount for home renovations.
3. Repayment Terms
The Borrower agrees to repay the Loan Amount according to the following schedule:
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Principal Payment: The Borrower will repay the Loan Amount in full by November 26, 2050.
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Installments: The Borrower agrees to make monthly payments of $2,000.00 each, starting on 15th of June and continuing on the 15th of each month until the Loan Amount is fully repaid.
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Interest Rate: The Loan Amount shall accrue interest at a rate of 5% per annum.
4. Late Payments
If the Borrower fails to make a payment on or before the due date, a late fee of $100 will be incurred. If payments are overdue by more than 30 days, the Lender has the right to demand immediate repayment of the remaining Loan Amount.
5. Prepayment
The Borrower may prepay the Loan Amount in whole or in part without penalty. Any prepayment will be applied to the principal balance of the Loan Amount.
6. Default
In the event of default, including but not limited to failure to make payments as scheduled, the Lender may seek any legal remedy available to recover the remaining Loan Amount.
7. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the state of California.
8. Amendments
Any amendments or modifications to this Agreement must be made in writing and signed by both parties.
9. Signatures
By signing below, both parties acknowledge that they have read, understood, and agreed to the terms of this Agreement.
Sierra Aarons
Lender
Date: May 12, 2050
Margaret Simmons
Borrower
Date: May 12, 2050
Notary Acknowledgment
State of California
County of Los Angeles
On this 12th day of May, 2050, before me, [Your Name], a Notary Public in and for said state, personally appeared Sierra Aarons and Margaret Simmons, who are personally known to me or proved to me on the basis of satisfactory evidence to be the persons whose names are subscribed to this document and acknowledged that they executed it for the purposes therein contained.
Witness my hand and official seal.
[Your Name]
Notary Public
My Commission Expires: November 18, 2055
