LOAN AGREEMENT
This Loan Agreement (herein referred to as the "Agreement") is made on this
_______ day of ______________ 2022 between ________________ (herein
referred to as the “Lender”) and _________________ (herein referred to as the
“Borrower”). Together referred to as “the parties.”
WHEREAS the Borrower and the Lender agree to the following; –
1. Amount.
The Lender herein agrees to loan the Borrower the principal sum of ___________
(hereinafter referred to as the “Loan”) in accordance with the terms and provisions
contained in this agreement.
2. Repayments.
The Borrower agrees to pay off the loan amount together with any costs, expenses,
and interest (if any) to the Lender.
The Borrower has the right to repay the loan fully or make any payments without
penalty.
The Borrower agrees that any money he will acquire through a loan or credit card; he
will be required to repay the Lender from those funds.
3. Payment Instructions.
The Borrower shall make the payments enumerated in clause two above to the
Lender via ________________.
4. Guarantee.
The parties herein agree that the Borrower shall give the Lender one of the titles to
his car to hold as a guarantee.
The Lender shall return the title once he has received the repayment. However, in
the event the Lender does not receive the repayment, the Lender will keep the car.
5. Confidentiality.
The parties herein acknowledge that the terms contained in this agreement and any
information obtained shall be deemed confidential, and the same will not be shared
with any third parties without the prior written consent of either party.
6. Dispute/Conflict Resolution.
If there is any conflict or dispute during the performance of this Agreement, the same
shall be negotiated between the parties amicable. If the same fails, the disagreement
or dispute shall be settled through litigation.
7. Default.
The parties herein agree that in the event the Borrower defaults in making the
payments mentioned in clause two above within the agreed timeframe. Legal action
against the Borrower will be taken at the Borrower’s expense and further fees and
costs, and interest.
8. Governing Law.
This Contract shall be governed and construed in accordance with the laws of
__________________.
9. Modification.
Either party to this Agreement may modify the provisions and terms herein by the
same modification being in writing and signed by both parties.
10. Waiver.
No waiver by either party of any default shall be deemed a waiver of prior or
subsequent default of the same of other provisions of this Agreement.
11. Severability.
Suppose a court of competent jurisdiction holds any term, clause, or provision hereof
is invalid or unenforceable. In that case, such invalidity shall not affect the validity or
operation of any other term, clause, or provision, and such invalid term, clause, or
provision shall be severed from the Agreement.
12. Assignment.
Neither party to this Agreement may assign or transfer its rights and obligations
without the prior written consent of the other party.
13. Entire Agreement.
This is the entire Agreement between the parties, and it supersedes any prior
negotiations, promises, or contracts, either written or Oral.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
hereinbelow; –
By the LENDER; – By the BORROWER; –
Name:
____________________________
Signature:
_________________________
Date:
_____________________________
Email Address:
____________________
Name:
____________________________
Signature:
_________________________
Date:
_____________________________
Email Address:
____________________
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