Free Credit Terms Agreement Template
CREDIT TERMS AGREEMENT
This Credit Terms Agreement ("Agreement") is entered into as of August 6, 2094] by and between MindStove, with a principal place of business at Columbus, OH 43215 ("Lender"), and Etha Lehner, with a principal place of business or residence at Seattle, WA 98101 ("Borrower").
1. PURPOSE
The purpose of this Agreement is to outline the terms and conditions under which the Lender agrees to extend credit to the Borrower and the Borrower agrees to repay the borrowed amounts under the specified terms.
2. CREDIT TERMS
2.1 Credit Limit
The maximum amount of credit extended to the Borrower under this Agreement shall be $50,00.
2.2 Interest Rate
The applicable interest rate on the outstanding credit amount shall be [Interest Rate Percentage] per annum.
2.3 Repayment Terms
The Borrower shall repay the principal amount together with accrued interest in monthly installments as outlined in the repayment schedule attached hereto as Exhibit A ("Repayment Schedule").
2.4 Late Payment Penalties
If the Borrower fails to make a due payment as specified in the Repayment Schedule, a late payment fee of [Late Payment Fee Amount] shall be applied for each overdue installment.
3. BORROWER'S COVENANTS
The Borrower agrees to use the credit solely for lawful purposes and in accordance with the terms established in this Agreement. The Borrower further covenants to promptly inform the Lender of any factors that may affect their ability to meet repayment obligations.
4. LENDER'S RIGHTS
The Lender reserves the right to demand immediate repayment of the outstanding credit balance should the Borrower breach any covenants or terms outlined in this Agreement.
5. GENERAL PROVISIONS
5.1 Governing Law
This Agreement shall be governed by and construed in accordance with the laws of [State/Country].
5.2 Entire Agreement
This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements, whether written or oral.
5.3 Amendments
Any amendments to this Agreement shall be made in writing and signed by both Parties.
6. SIGNATURES
IN WITNESS WHEREOF, the Parties hereto have executed this Credit Terms Agreement as of the date first written above.
Party A:
Party B:
