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 _________________, ________________ and
___________________ (herein referred to as the “Borrower(s)”). Together referred
to as “the parties.”
WHEREAS the Borrower(s) and the Lender agree to the following; –
1. Amount.
The Lender herein agrees to loan the Borrower(s) the principal sum of $15,000
(hereinafter referred to as the “Loan”) in accordance with the terms and provisions
contained in this agreement.
2. Repayments.
The Borrower(s) agree to pay off the loan amount together with any costs, expenses,
and interest (if any) to the Lender.
The amount will be repaid at the earliest possible date upon receiving business
funding. The Business funding includes but is not limited to loans and credit cards.
Parties agree that the loan of $15,000 is not intended to be paid back after a return
on investment of _____________________.
This loan is only intended to help offset business start-up costs for ___________ to
receive funding which a portion will be paid out to the lender immediately after
receipt.
The Borrower(s) may make lump sum payment or split payments, however for
investment must be satisfied to terminate the agreement.
3. Payment Instructions.
The Borrower shall make the payments enumerated in clause two above to the
Lender via ________________.
The agreed loan amount is 15,000+ $2,500 guaranteed interest if repaid before
December, 15 th . $15000 + $2,500 guaranteed interest + 5% monthly on initial
$15,000 beginning December, 15 th .
The Borrowers must begin making payments of no less than $1,250 monthly
beginning December 15 th .
The Initial payments will always go towards interest accrued first and any remainder
of the payment will be applied toward the principal.
4. Guarantee.
The parties herein agree that the Lender will be given the title to a 2015 Toyota
Corolla to hold as a lien on the $15,000 investment.
In the case that the payment is not received in full by February 1st, 2023, the Lender
has the full authority to assume ownership of the vehicle and sell the vehicle to
recover the investment.
The Lender will notify the Borrower(s) of the intent to sell by mail and or email no
later than February 15, 2023.
The Borrowers will still be responsible for the difference in the investment amount.
Parties agree that at the start of this agreement, a 2015 Honda accord will be leased
to the Lender at a rate of $200 weekly to ________________.
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. Return.
The Lender will return the 2015 Toyota Corolla to the Borrower(s) no later than
December 15 th . The lease payments will end once the Toyota Corolla is returned to
the Borrowers.
The Borrowers Party may use the Toyota Corolla for business purposes. However, if
in any situation the car is damaged, stolen, loses value, or lost for any reason the
Borrowers will be required to provide another vehicle title of equal or greater value in
replacement to serve as a lien.
If the Toyota Corolla is replaced, the new vehicle will also satisfy the previous
requirements of the Toyota Corolla in this agreement.
7. Dispute/Conflict Resolution.
This document is legally binding and may be used to pursue full repayment in a court
of law.
If there is any conflict or dispute during the performance of this Agreement, the same
shall be pursued with mediation. If the same fails, the disagreement or dispute shall
be settled through litigation.
8. 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.
9. Governing Law.
This Contract shall be governed and construed in accordance with the laws of the
State of Texas.
10. 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.
11. 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.
12. 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.
13. Assignment.
Neither party to this Agreement may assign or transfer its rights and obligations
without the prior written consent of the other party.
14. 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; –
Name:
____________________________
Signature:
_________________________
Date:
_____________________________
Email Address:
____________________
By the BORROWERS; –
Name:
____________________________
Signature:
_________________________
Date:
_____________________________
Email Address:
____________________
Name:
____________________________
Signature:
_________________________
Date:
_____________________________
Email Address:
____________________
Name:
____________________________
Signature:
_________________________
Date:
_____________________________
Email Address:
____________________
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