Free Borrowing Agreement Template
Borrowing Agreement
1. Introduction
This Borrowing Agreement (the "Agreement") is made and entered into as of this March 12, 2055 (the "Effective Date"), by and between Orval Grimes, with an address at Colorado Springs, CO 80901, (the "Lender") and Lance Nader, with an address at Tampa, FL 33601, (the "Borrower").
2. Purpose
The purpose of this Agreement is to outline the terms and conditions under which the Lender agrees to lend to the Borrower certain sums of money, which will be specified in this Agreement. This Agreement sets forth the rights and obligations of the parties in relation to the lending and borrowing of such funds.
3. Loan Details
3.1 Loan Amount
The Lender agrees to lend to the Borrower, and the Borrower agrees to borrow from the Lender, a principal amount of $150,000 (the "Loan Amount").
3.2 Interest Rate
The interest rate applicable to the loan shall be 8% per annum, calculated on the outstanding daily balance and payable monthly in arrears on the last business day of each calendar month.
3.3 Loan Term
The term of the loan shall commence on the Effective Date and shall continue until April 6, 2060, unless terminated earlier in accordance with the provisions of this Agreement.
4. Repayment
The Borrower shall repay the Loan Amount, together with accrued interest, in 6 payments equal installments of $25 each, with the first installment due on April 12, 2055 and subsequent installments due on the same day of each month thereafter.
5. Events of Default
Each of the following events shall constitute an "Event of Default" under this Agreement:
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The Borrower fails to make any payment when due under this Agreement.
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The Borrower becomes insolvent or is unable to pay its debts as they become due.
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The Borrower breaches any other term or condition of this Agreement and such breach is not cured within [Cure Period] days of written notice to the Borrower.
6. Remedies
Upon the occurrence of an Event of Default, the Lender shall have the right to declare the entire unpaid principal balance of the loan, together with accrued interest, immediately due and payable. Additionally, the Lender may pursue any other remedies available to it under applicable law.
7. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [State], without regard to its conflict of law principles.
8. Miscellaneous
8.1 Amendments
No amendment, modification, or waiver of any provision of this Agreement shall be effective unless it is in writing and signed by both parties.
8.2 Entire Agreement
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.
8.3 Severability
If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be reformed to the extent necessary to make it valid and enforceable, and the remaining provisions shall continue in full force and effect.
9. Signatures
IN WITNESS WHEREOF, the parties hereto have executed this Borrowing Agreement as of the Effective Date first above written.
Party A:
Party B:
