LOAN AGREEMENT

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Agreements
May 13, 2023

LOAN AGREEMENT

BETWEEN

PATRICK RONCALLO (“THE LENDOR”)

AND

PREMIER CONSTRUCTION FAMILY (“THE BORROWER”)

__________________________________________________________________________________

THIS AGREEMENT is made on the …………..day of……….20……., entered into by:

Lender: located at ________________________________________________________________and

Borrower: located at 259 Hortontown rd  hopewelljunction,ny 12533

Lendor and Borrower collectively referred to as the “Parties” or individually as the “Party”) and includes that Party’s successors and assigns.

The parties agree as follows:

  1. LOAN AMOUNT

Lender agrees to loan Borrower the principal sum of $ 20,000 (the “Loan”), together with interest on the outstanding principal amount of the Loan (the “Principal Balance”), and in accordance with the terms set forth below.

  • PAYMENT

The Loan together with accrued and unpaid interest and all other charges, costs and expenses, is due and payable (Check one)

☐   on demand of the Lender 

☐   on or before ____________________, 20______.  

  • GUARANTY

There is a guarantor __________________________ located at_______________________________

(“Guarantor”) promises to unconditionally guarantee to Lender the full payment and performance by Borrower of all duties and obligations arising under this agreement. Guarantor agrees that this guaranty shall remain in full force and effect and be binding on Guarantor until this agreement is satisfied.

  • INTEREST

The Principal Balance shall bear interest at the rate of thirteen (13 %) percent for a six (6) month term.

  • LATE FEE

There is a late Fee. If Borrower fails to make a payment due under this agreement within _________ days after the due date, Borrower agrees to pay Lender a late payment fee of __________% of the amount then due.

  • PREPAYMENT

Borrower does NOT have the right to prepay all or any part of the Loan.      

  • ACCELERATION

In the event Borrower is late with a payment, Lender in its sole discretion may demand that the Principal Balance and any accrued and unpaid interest be immediately due and payable in full.

  • REMEDIES

Lender may enforce its rights or remedies in equity or at law, or both, whether for specific performance of any provision in this agreement or to enforce the payment of the Loan or any other legal or equitable right or remedy. The rights and remedies of Lender now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and shall be in addition to every other such right or remedy.

  • COSTS AND EXPENSES

Borrower shall pay to Lender all costs of collection, including reasonable attorney’s fees, Lender incurs in enforcing this agreement.

  1. WAIVER

Borrower and all sureties, guarantors, and endorsers hereof, waive presentment, protest, and demand, notice of protest, demand and dishonor, and nonpayment of this agreement.

  1. NON-ASSIGNMENT

Parties shall not transfer or assign this agreement without the other Party’s consent.

  1. TERMINATION
  2. Either Party may terminate this agreement at any time upon breach of the contract by the other Party or if the other Party agrees to the termination in writing.
  3. Otherwise than for breach or through consent, either Party may terminate this agreement upon giving the other Party no less than ________days’ notice in writing. If a Party wishes to terminate the contract with less than these stated days, the other Party reserves the right to charge costs that they have already paid in advance or incurred.
  4. The termination of this agreement shall not discharge the liabilities accumulated by either Party.
  5. Any Clauses intended by the Parties or this agreement to survive the termination of this agreement shall survive the termination of this agreement by whatever cause.
  1. CONFIDENTIALITY

Parties shall not at any time disclose, directly or indirectly to any other person whatsoever (including to the public or any section of the public) any information concerning this agreement or any additional information of any nature whatsoever concerning the other Party, whether such information or matter is stated to be confidential or not, without the express written permission of the other Party.

  1. GENERAL PROVISIONS
  • The provisions of this agreement are severable. If any provision is held to be invalid or unenforceable, it shall not affect the validity or enforceability of any other provision.
  • This agreement constitutes the entire agreement between the Parties. It supersedes all prior oral or written agreements or understandings between the Parties concerning the subject matter of this agreement. If any ambiguity is found in the agreement or various documents forming this agreement, the Parties shall issue any necessary clarification or instruction. The Parties will exercise utmost good faith in this agreement.
  • Parties may alter this agreement subject to a written document signed by all Parties.
  • Except where otherwise provided, failure by either Party to enforce any of the terms or conditions of this agreement shall not be a waiver of their right to enforce them.
  • This agreement may be executed in counterparts, each of which shall be an original, all of which shall constitute the same instrument.
  • All documents annexed to this agreement shall be subject to the terms under this agreement, provided that the Parties append their signatures on the documents.
  • The article and section headings in this agreement are for convenience; they form in no part of this agreement and shall not affect its interpretation.
  • Any reference to the singular includes the plural and vice versa, and the male gender includes the female gender and vice versa.
  • Any notice or communication under this agreement must be in writing and sent via one of the following options (Check all that apply). Either Party may change their addressees by reasonable written notice given to the other Party.

☐   Delivery in Person 

☐   Overnight Courier Service 

☐   Certified or Registered Mail (Postage Prepaid, Return Receipt Requested) 

☐   Facsmile 

☐   Electronic Email Transmission

☐   Other: _____________________________________________________ 

  • In the event that litigation results from or arises out of this agreement or the performance thereof, the parties agree to reimburse the prevailing Party’s reasonable attorney’s fees, court costs, and all other expenses, whether or not taxable by the court as costs, in addition to any other relief to which the prevailing Party may be entitled.
  • This agreement shall be governed in all respects by the Dutchess County New York State Laws.
  1. PARTIES’ ACKNOWLEDGMENTS

The Parties acknowledge that they have been provided with the opportunity to negotiate this agreement and to seek legal counsel before signing this agreement. In addition, they acknowledge that they have the capacity to contract and enter into this agreement and that further, they have entered into this agreement freely and voluntarily.

IN WITNESS WHEREOF, each of the Parties has executed this agreement, as of the day and year set forth below.

Borrower’s Signature: _________________Print name: ____________________ Date:­­­­­­­­­_____________

Lender’s Signature: ___________________Print name: ____________________Date:­­­­­­­­­_____________

Guarantor’s Signature: _________________ Print name: ___________________Date:­­­­­­­­­_____________

STATE OF NEW YORK          )

                                                      SS.:

COUNTY OF                           )

On this ______________ day of ___________________, 20__, before me personally came __________________________________________________, to me known and known to me to be the person described in and who executed the foregoing instrument and he/she acknowledged to me that he/she executed the same.

                                                                                    _________________________________

Notary Public

STATE OF NEW YORK          )

                                                      SS.:

COUNTY OF                           )

On this ________ day of ____________________ in the year 20__, before me personally came ____________________________________________________, to me known, who, being by me duly sworn did depose and say that he/she resides in _________________________________________; that he/she is the ___________________________________________________________________of the _______________________________________________________________________________, the corporation described in and which executed the above instrument; that he/she knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal, that it was so affixed by the order of the Board of Directors of said corporation, and that he/she signed his/her name thereto by like order.

_________________________________

Notary Public

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