Home Equity Line of Credit Agreement
1. Introduction
This Home Equity Line of Credit Agreement ("Agreement") is made and entered into by and between the Borrower and the Lender on this 14th day of March, 2069. This Agreement outlines the terms and conditions applicable to the home equity line of credit ("HELOC") extended by the Lender to the Borrower.
2. Definitions
For the purposes of this Agreement, the following terms shall have the meanings ascribed to them below:
Borrower: Whitney Goodwin
Lender: GrowTrail
HELOC: Home Equity Line of Credit to be used as per the terms herein.
Property: The real property located at [Property Address], which serves as collateral for the HELOC.
3. Credit Limit
The Lender agrees to make a line of credit available to the Borrower in an amount not to exceed $2,500, subject to the terms and conditions outlined in this Agreement.
4. Interest Rate
The principal amount advanced and remaining outstanding under the HELOC from time to time shall accrue interest at a variable rate based on [Index] plus [Margin], subject to change as the index varies.
5. Repayment Terms
The Borrower agrees to make monthly payments of interest only during the draw period of 25 days. Following the draw period, the Borrower shall repay both principal and interest for a period of 48 days.
6. Security
As security for the HELOC, the Borrower hereby grants the Lender a security interest in the Property as described herein. The Borrower agrees to sign any further documentation as needed to perfect this security interest.
7. Representations and Warranties
The Borrower represents and warrants that they hold clear title to the Property and have full authority to enter into this Agreement, and that the execution and performance of this Agreement will not violate any law or agreement to which they are a party.
8. Events of Default
The following shall constitute an "Event of Default" under this Agreement: any failure by the Borrower to make required payments, failure to adhere to the terms outlined herein, or any misrepresentation made by the Borrower.
9. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [State], without regard to the conflict of laws principles thereof.
10. Signatures
The parties hereto have executed this Home Equity Line of Credit Agreement as of the date first above written.
Party A:
Party B:
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