LOAN AGREEMENT

by | Feb 21, 2023 | Samples legal papers

____________________________________

LOAN AGREEMENT

____________________________________

BETWEEN

JOSUE ELISEO RODRIGUEZ (“THE LENDER”)

AND

JOSE LUIS CRUZ (“1ST BORROWERS”)

MARIELA ESQUILIN PASTRANA (“2ND BORROWERS”)

__________________________________________________________________________

THIS AGREEMENT is made on the …..Day of…………….…….20…., (hereinafter “Effective Date”) between Josue Eliseo Rodriguez (“The Lender”) and Jose Luis Cruz and Mariela Esquilin Pastrana (herein referred to as the Borrowers) with the Borrowers being partners trading as, JLM Mechanic’s on wheels.

In this Agreement, all parties shall collectively be refered to as “the Parties” or individually as “the Party” and includes that Party’s successors, heirs, and assigns.

The Parties Addresses for the purpose of this Agreement shall be as follows:

1. Josue Eliseo Rodriguez (“The Lender”)- 113 Chicago woods cir

                                                                           Orlando Florida 32824

2. Jose Luis Cruz (Borrowers)                         – 220 N John Young Pkwy

  (Trading As JLM Mechanic’s on wheels)      Orlando Florida 32805

3. Mariela Esquilin Pastrana (Borrowers)       – 220 N John Young Pkwy

  (Trading As JLM Mechanic’s on wheels)      Orlando Florida 32805

In consideration of covenants and agreements contained in this Agreement, and other good and valuable consideration, the receipt of which is hereby acknowledged, Parties agree to the following terms and conditions and to be bound thereby:

  1. TERM

This Agreement shall be valid from the Effective Date until termination.

  1. LOAN AMOUNT

The Lender agrees to loan the Borrowers the principal sum of 40,000 USD (forty thousand U.S. Dollars) herein referred to as “the Loan,” together with Interest on the said loan, in accordance with the terms set forth below.

  1. INTEREST

The Principal Sum shall bear Interest at the rate of 50% per annum, accruing daily.

  1. REPAYMENT OF THE LOAN

The Loan, together with accrued Interest is due and payable on or before the ….. Day of…………….……. 20…., which shall be known as the “Due Date.”

The total cumulative amount due and payable by the Borrowers on the final installment date, which shall be the ___ Day of ____________,20___, shall be 60,000 USD (Sixty thousand U.S. Dollars). This shall be the sum total of the loan and interest amounts excluding fines and late fees along with other incidental charges that may come about as a result of default on the part of the Borrowers.

The Loan together with Interest shall be payable in the following installments:

  1. Monthly payments of 3,000 USD (Three thousand U.S. Dollars) per month for the  first 3 months; followed by
  2. Monthly payments of 5,666.67 USD (Five thousand six hundred and sixty-six point sixty-seven U.S. Dollars) per month for the next 9 months. 

These sums shall become due and payable on or before the ___ Day of each month until full payment of the total amount.

Any late payments shall attract a fine at the Interest rate of ____% of the total installment amount payable in that month.

Any defaults in payments (Failure to make payment of an installment 30 days after it falls due) shall attract an extra fine of ____% of the total loan amount payable, which is 60,000USD.

  1. GUARANTOR

One _______________________________(name of guarantor), whose address is ________________________________ promises to unconditionally guarantee to the Lender, the full payment and performance by the Borrowers of all duties and obligations arising under this Agreement. The Guarantor agrees that this guarantee shall remain in full force and effect and be binding on the Guarantor until this Agreement is satisfied.

The Guarantor also agrees to indemnify the Lender for any losses arising as a result of default by the Borrowers of their obligations under this Agreement.

  1. PREPAYMENT 

The Borrowers has the right to prepay all or any part of the Loan, together with accrued and unpaid Interest thereon, at any time.

This, however, does not in any way exempt them from paying the full loan amount due along with the full contractual Interest and any other fines that may have been imposed in line with the terms of this Agreement      

  1. ACCELERATION 

In the event the Borrowers are late with a payment, the Lender in his sole discretion, may demand that the Principal Balance and any accrued and unpaid Interest be immediately due and payable in full.

  1. REMEDIES

The Lender may enforce his 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 the 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.

  1. INDEMNIFICATION

The Borrowers agree to indemnify, hold harmless and defend the Lender from and against any action, claim, demand or liability.

  1. COSTS AND EXPENSES

The Borrowers shall pay to Lender all costs of collection, including reasonable attorney’s fees which the Lender may incur in enforcing this Agreement in the event of its breach by the Borrowers. 

  1. WAIVER BY BORROWERS

Borrowers and all sureties, guarantors, and endorsers hereof, waive presentment, protest, demand and notice of protest, demand and dishonor, and non-payment of this Agreement.

  1. NO WAIVER BY LENDER

Failure by the Lender to enforce any of the terms or conditions of this Agreement shall not be deemed a waiver of their rights to the exercise of any rights held under this Agreement.

  1. NON-ASSIGNMENT

Parties shall not transfer or assign this Agreement in any circumstance whatsoever.

  1. FURTHER ASSURANCES

The Borrowers hereto agree to perform any further acts and execute and deliver any further documents that may be reasonably necessary to carry out the provisions of this Agreement.

  1. SUCCESSORS AND ASSIGNS

This Agreement will inure to the benefit of and be binding on the respective successors and permitted assigns of the Lender and the Borrowers.

  1. AMENDMENT

This Agreement may be amended or modified only by a written agreement, duly signed by both the Borrowers and the Lender.

  1. SEVERABILITY

In the event that any of the provisions of this Agreement are held to be invalid or unenforceable in whole or in part, the remaining provisions shall not be affected and shall continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in this Agreement.

  1. NOTICES

Any notice or communication under this Agreement must be in writing, at least 14 days in advance, and sent via In-Person Delivery only to the Party’s address as provided for in this Agreement.

  1. TERMINATION
  1. The Lender may terminate this Agreement due to but not limited to non-payment by the Borrower.
  2. The Agreement shall also terminate automatically upon the full payment by the Borrowers of all sums due under this Agreement, that is, the loan amount, all Interest, and any fines and other charges that may have been imposed.
  3. The termination of this Agreement, other than by fulfillment of the Borrowers obligations, shall not discharge the liabilities accumulated by the Borrowers.
  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. DISPUTE RESOLUTION

Parties agree to settle disputes herein in the first instance through: (select one)

☐Negotiation                           ☐Mediation                                 ☐Arbitration                       ☐Litigation

  1. GOVERNING LAW

This Agreement shall be governed in all respects by the laws of the State of Florida without regard to its conflicts of law provisions.

Any dispute arising from this Agreement shall be resolved in the Courts of the State of Florida.

  1. ENTIRE AGREEMENT

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. The Parties will exercise utmost good faith in the execution of this Agreement.

  1. GENERAL PROVISIONS
  1. This Agreement may be executed in counterparts, each of which shall be an original, all of which shall constitute the same instrument.
  2. 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.
  3. The article and section headings in this Agreement are for convenience; they form no part of this Agreement and shall not affect its interpretation.
  4. Any reference to the singular includes the plural and vice versa, and the male gender includes the female gender and vice versa.
  5. Either Party may change their addressees by reasonable written notice given to the other Party.
  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.

Lender’s: Signature: _________________

                           Print name: JOSUE ELISEO RODRIGUEZ

                           Date:_____________

1st Borrower’s: Signature: _________________

                           Print name: JOSE LUIS CRUZ

                           Date:_____________

2nd Borrower’s: Signature: _________________

                            Print name: MARIELA ESQUILIN PASTRANA

                            Date:_____________

Guarantor’s:     Signature: _________________

                            Print name: ____________________

                            Date:_____________

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