LOAN AGREEMENT.
This Loan Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between Nema Escartin, Contact Info: __________ (hereinafter referred to as the “Lender”), and Taifa Mugadili, for Culinary Media Marketing, Contact Info: ____________ (herein referred to as the “Borrower”).
WHEREAS, the purpose of the loan covered under this Agreement shall be scale the Borrower’s Company’s new e-commerce department.
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
- TERM
The initial term of this Agreement shall be for a period of One Year commencing on the Effective Date herein.
- SCOPE
- Loan Amount. The Lender shall lend the Borrower Five Thousand Dollars ($5,000), to be given as one single amount, loan shall be made available to the Borrower within 10-20 business days.
- Interest rate. The Parties agree to a 10% interest rate over the term of this Agreement, in the event of a missed monthly payment, a 2% additional interest shall apply.
- Repayment. The Borrower shall pay the Lender ________ Dollars per month on the 1st of each month. Payment shall be considered late if made by the Lender from the 5th of each month.
- Collateral. In the event of late payments or failure to respect the terms of this Agreement, the Borrower’s ____________ shall be signed over to the Lender.
- DISPUTE RESOLUTION.
In the event of disputes arising from the execution of this Agreement, the Parties shall solve the disputes through civil discourse, mediation and/or through traditional litigation.
- TERMINATION/CANCELLATION.
The Parties acknowledge that any Party can terminate/cancel this Agreement at any time provided that they issue a ___ day Written Notice on the same. The Lender can terminate this Agreement at any time if monthly loan repayments are not made 3-4 consecutive months. Upon termination/cancellation of this Agreement, the Borrower shall pay the Lender in full all the loan payments due plus interest.
- GENERAL PROVISION, GOVERNING LAW AND JURISDICTION.
- This Agreement contains the entire Agreement between the Partners relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both Partners hereto.
- This Agreement shall be governed by and construed in accordance with the laws of the State of California, USA. Exclusive jurisdiction and venue shall be in California, USA.
- Each party represents and warrants to the other that such party has acted in good faith, and agrees to continue to so act, in the negotiation, execution, delivery, performance, and any termination of this Agreement.
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date:
LENDER: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
BORROWER: _____________ ___________________________ ___________
(SIGNATURE) (NAME) (DATE)
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