LOAN AGREEMENT.

LOAN AGREEMENT.

This Loan Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between _________Address __________ (hereinafter referred to as the “Lender”), and _________, Address ____________ (herein referred to as the “Borrower”).

WHEREAS, the Lender shall lend the Borrower a fixed amount of money for the terms stipulated hereunder.

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. 
      1. Loan Amount. The Lender shall lend the Borrower Fifty Thousand Dollars ($50,000), to be given as one single amount.
      2. Repayment. 50% which is Twenty Thousand Dollars ($25,000) must be made by 31st May 2021, and 75% which is Thirty Seven Thousand Five hundred Dollars ($37,500) must be made by 30th September 2021.
      3. Full amount repayment. The full amount of Fifty Thousand Dollars ($50,000) must be made before _______.
  • TERMINATION/CANCELLATION.
      1. The Parties acknowledge that any Party can terminate/cancel this Agreement at any time provided that they issue a Seven Day Written Notice on the same. 
      2. In the event that either Party terminates/cancels this Agreement after 30 days from the Effective Date herein the Loan Amount of Fifty Thousand Dollars ($50,000) becomes nonrefundable. Both Parties agree to wait until the current harvest cycle is completed, upon which the full Loan Amount shall be repaid and the Agreement shall be considered terminated.
  • DISPUTE RESOLUTION.

In the unfortunate event of disputes arising from the execution of this Agreement, the parties shall mediate upon the issues among themselves. This does not mean that the Parties have waived their rights to use the court to settle disputes.

  • GENERAL PROVISION, GOVERNING LAW AND JURISDICTION. 
    1. 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.
    2. This Agreement shall be governed by and construed in accordance with the laws of North Carolina, USA. Exclusive jurisdiction and venue shall be in North Carolina, USA.
    3. 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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