Free Deferred Payment Plan Template
Deferred Payment Plan
This Deferred Payment Plan ("Agreement") is entered into on January 15, 2062 by and between [YOUR COMPANY NAME], ("Creditor") and Lawrence Orn, ("Borrower"). This Agreement outlines the terms and conditions under which the Borrower agrees to repay the debt owed to the Creditor over an agreed-upon period.
1. Amount Due
The total amount due under this Agreement is $5,000.00, which includes the principal amount of $4,500.00 and any applicable interest or fees of 10%.
2. Payment Schedule
The Borrower agrees to repay the amount due according to the following payment schedule:
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First Payment Due Date: February 15, 2062
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Subsequent Payments: Payments will be made monthly, with the first payment being due on the date mentioned above. Payments will be in the amount of $500.00 per month.
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Final Payment Due Date: February 15, 2063
3. Payment Method
Payments must be made by bank transfer to the following account details:
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Bank Name: National Bank of America
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Account Number: 123456789
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Routing Number: 987654321
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SWIFT Code (if applicable): NBOAUS66
Alternatively, payments can be made to PayPal using the account lawrence@you.mail, as agreed by both parties.
4. Late Payment Penalties
If any payment is not received within 15 days of the due date, a late fee of $50.00 will be applied. The Borrower understands that repeated late payments may result in the termination of this Agreement and the acceleration of the total debt amount.
5. Prepayment
The Borrower may make early payments at any time without penalty. Early payments will be applied directly to the principal balance, reducing the remaining balance due under this Agreement.
6. Default
If the Borrower fails to make two consecutive payments, the Creditor reserves the right to declare the entire outstanding balance immediately due and payable. The Creditor may take legal action to collect the remaining amount due.
7. Modification of Terms
Any modification of the terms of this Agreement must be made in writing and agreed to by both parties. This includes, but is not limited to, changes to the payment schedule, payment amounts, and other key terms.
8. Governing Law
This Agreement will be governed by and construed in accordance with the laws of the State of Nevada, without regard to its conflict of law principles.
9. Acknowledgment
By signing below, the Borrower acknowledges and agrees to the terms and conditions outlined in this Deferred Payment Plan. The Borrower affirms that they understand their obligations under this Agreement.
Creditor:
[YOUR COMPANY NAME]
Owner
Date: January 15, 2062
Borrower:
Lawrence Orn
Date: January 15, 2062
