LOAN AGREEMENT

This IOU Agreement (“Agreement”) is entered into as of INSERT DATE, by and between

1. Borrower 1: INSERT NAME;

Phone Number: INSERT PHONE NUMBER;

Email: INSERT EMAIL;

Passport/ID Number: INSERT PASSPORT/ID NUMBER;

2. Borrower 2: INSERT NAME;

Phone Number: INSERT PHONE NUMBER;

Email: INSERT EMAIL;

Passport/ID Number: INSERT PASSPORT/ID NUMBER;

3. Lender: INSERT NAME

Phone Number: INSERT PHONE NUMBER

Email: INSERT EMAIL

Passport/ID Number: INSERT PASSPORT/ID NUMBER;

RECITALS:

WHEREAS, The Borrowers have requested a loan from the Lender for the purpose of INSERT PURPOSE.

WHEREAS, The Lender is willing to provide the loan to the Borrowers subject to the terms and conditions set out in this agreement.

WHEREAS, The Borrowers have agreed to repay the loan plus interest by SET DATE.

WHEREAS, The Borrowers have provided have agreed to provide hard title with Property Ownership Certificate Number: INSERT CERTIFICATE NUMBER as collateral for the loan.

WHEREAS, The Lender requires security for the loan and has agreed to accept the hard title INSERT CERTIFICATE NUMBER as collateral.

WHEREAS, The parties have agreed to the terms and conditions set out in this agreement.

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties agree as follows:

1. Loan Amount:
   • The parties have agreed that the Lender will provide a loan in the amount of INSERT AMOUNT to the Borrowers.
   • The Borrowers shall use the loan for [INSERT PURPOSE].
2. Interest Rate:
   • The parties have agreed that the interest rate for the loan will be 10% per annum, compounded.
   • The interest will be calculated based on the outstanding balance of the loan and will accrue daily.
   • The Borrowers will be responsible for paying the interest on the loan in addition to the principal amount.
   • The interest will be included in the full amount that must be paid back on or before the SET DATE.
3. Repayment Terms:
   • The parties have agreed to the following repayment terms:
     • The Borrowers may repay any amount of the loan at any time before SET DATE.
     • The full loan amount plus interest must be paid by SET DATE.
     • If the Borrowers fail to repay the loan by SET DATE, the Lender may pursue legal action to collect the debt, and the Borrowers will be responsible for any legal fees or costs associated with the collection.

4. Interest and Fees:
   • The parties have agreed to the following interest and fees:
     • Interest will accrue on the outstanding loan balance at the rate of 10% per annum, compounded.
     • If the Borrowers fail to make a payment on time, the Lender may charge a late fee. The late fee will be calculated as a percentage of the outstanding loan balance and will be INSERT LATE FEE PERCENTAGE% of the outstanding loan balance. The late fee will be charged for each day that the payment is overdue, up to a maximum of INSERT MAXIMUM LATE FEE PERCENTAGE% of the outstanding loan balance.

5. Security:
   • The parties have agreed to the following security terms:
     • INSERT NAME will provide the Lender with the original Property Ownership Certificate Number: INSERT CERTIFICATE NUMBER as proof of ownership.
     • The land title will serve as collateral for the loan and may be seized by the Lender in the event of a default

6. Representations and Warranties:
   • The parties have agreed to the following representations and warranties:
     • The Borrowers represent and warrant that the loan proceeds will be used solely for INSERT PURPOSE.
     • The Borrowers represent and warrant that they are not aware of any legal or financial proceedings that could impact their ability to repay the loan.

7. Governing Law and Jurisdiction:
   • The parties have agreed to the following governing law and jurisdiction terms:
     • This agreement will be governed by and construed in accordance with the laws of INSERT STATE/COUNTRY.
     • Any disputes arising from this agreement will be resolved by the courts of INSERT STATE/COUNTRY.

8. Notices:
   • The parties have agreed to the following notice terms:
     • All notices and other communications between the parties relating to this agreement must be in writing and sent to the following addresses:
       • Borrower 1: INSERT ADDRESS, INSERT EMAIL, INSERT PHONE NUMBER
       • Borrower 2: INSERT ADDRESS, INSERT EMAIL, INSERT PHONE NUMBER
       • Lender: INSERT ADDRESS, INSERT EMAIL, INSERT PHONE NUMBER

9. Entire Agreement:
   • The parties have agreed to the following entire agreement terms:
     • This agreement represents the entire understanding of the parties and supersedes all prior negotiations, representations, and agreements, whether written or oral.
     • This agreement may not be modified except in writing signed by both parties.

10. Execution:
    • The parties have agreed to the following execution terms:
      • This agreement may be executed in counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument.
      • By signing below, the parties acknowledge that they have read and understood the terms and conditions of this agreement and agree to be bound by them.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written

Borrower 1: _______________________________

INSERT NAME

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Borrower 2: _______________________________

INSERT NAME

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Lender: _______________________________

INSERT NAME

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