THIS AGREEMENT is made on the …………..day of……….20……., (hereinafter “Effective Date”) by the Lender and the Borrower (collectively referred to as the “Parties” or individually as the “Party”) and includes that Party’s successors, heirs and assigns.
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:
Term: This Agreement shall be valid from the Effective Date until termination.
Loan Amount: The Lender will give the Borrower $5,000 as the Loan herein, and the Borrower agrees to pay the said Loan as provided in this Agreement.
Payment: This Agreement (the “Note”) shall be due and payable, including the principal and any accrued interest, in the following ways:
Monthly payment of $300.29 once per month beginning on 7th Feb 2022, with $35 late payment after the 8th. Payment is due on the _______of every month until the balance is paid.
A Processing Fee of $35 shall be due on the Effective Date.
All payments made by the Borrower are to be applied first (1st) to any accrued interest and then to the principal balance. The total amount of the loan shall be due and payable on the ____ day of ________________, 20____.
Interest: The Note shall bear interest at a rate of 10% for 18 months with 90 days same as cash.
Prepayment: The Borrower has the right to pay back the loan in full or make additional payments at any time without penalty.
Events of Acceleration: The occurrence of any of the following shall constitute an “Event of Acceleration” by the Lender under this Note:
Borrower’s failure to pay any part of the principal or interest as and when due under this Note; or
Borrower’s becoming insolvent or not paying their debts as they become due.
Upon the occurrence of an Event of Acceleration under this Note, and in addition to any other rights and remedies that Lender may have, Lender, shall have the right, at its sole and exclusive option, to declare this Note immediately due and payable.
Waivers By Borrower: All parties to this Note including the Borrower and any sureties, endorsers, and guarantors hereby waive protest, presentment, notice of dishonor, and notice of acceleration of maturity and agree to continue to remain bound for the payment of principal, interest and all other sums due under this Note notwithstanding any change or changes by way of release, surrender, exchange, modification or substitution of any security for this Note or by way of any extension or extensions of time for the payment of principal and interest; and all such parties waive all and every kind of notice of such change or changes and agree that the same may be made without notice or consent of any of them.
Expenses: In the event, any payment under this Note is not paid when due, the Borrower agrees to pay, in addition to the principal and interest hereunder, reasonable attorneys’ fees not exceeding a sum equal to the maximum usury rate in the State of New Jersey of the then outstanding balance owing on the Note, plus all other reasonable expenses incurred by Lender in exercising any of its rights and remedies upon default.
Non-assignment: Neither Party shall transfer or assign this Agreement without the other Party’s consent which consent shall not be unreasonably withheld or delayed.
Indemnification: The Borrower agrees to indemnify, hold harmless and defend the Lender and its directors, officers, employees, and agents from and against any action, claim demand, or liability, including reasonable attorney’s fees and costs herein. The Borrower agrees that the Lender shall have the right to participate in and control the defense of any such claim through counsel of its choosing at the Borrower’s expense. If the Lender is held liable under this Agreement, their total liability shall not exceed any amounts paid by the Borrower to the Lender herein.
Confidentiality: All non-public, confidential or proprietary information of the Lender, disclosed by the Lender to the Borrower, whether disclosed orally or disclosed or accessed in written, electronic or other form or media, and whether or not marked, designated or otherwise identified as “confidential” in connection with this Agreement is confidential, solely for the use of performing this Agreement and may not be disclosed or copied unless authorized in advance by the Lender in writing. Upon the Lender’s request, the Borrower shall promptly return all documents and other confidential materials received from the Lender. The Lender shall be entitled to injunctive relief for any violation of this Section. This Section does not apply to information that is: (a) in the public domain; (b) known to the Borrower at the time of disclosure, or (c) rightfully obtained by the Borrower on a non-confidential basis from a third party.
In addition, this Agreement is confidential and cannot be divulged to third parties, unless as provided by law, without the written consent of the Lender.
Further Assurances: The Borrower hereto agrees 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.
Force Majeure: For this Agreement, “Force Majeure” means an event which a diligent party could not have reasonably avoided in the circumstances, which is beyond the control of a party and includes, but is not limited to, war, riots, civil disorder, earthquake, storm, flood or adverse weather conditions, strikes, lockouts or other industrial action, terrorist acts, confiscation or any other action by government agencies. A Party’s failure to fulfill its obligations due to Force Majeure shall not be considered a breach of this Agreement.
Either Party may terminate this Agreement at any time upon giving the other Party no less than ________notice in writing. If a Party wishes to terminate the contract with less than this stated period, the other Party reserves the right to charge costs they have already paid in advance or incurred.
The Lender may terminate this Agreement due to but not limited to non-payment by the Borrower.
The termination of this Agreement shall not discharge the liabilities accumulated by either Party.
Any Clauses intended by the Parties or this Agreement to survive the termination of this Agreement shall survive the termination of this Agreement by whatever cause.
Dispute resolution: Parties agree to settle disputes under this Agreement through either;
☐Mediation ☐Arbitration ☐Litigation.
Borrower’s acknowledgments: The Borrower acknowledges that they have been provided with the opportunity to negotiate this Agreement and seek legal counsel before signing this Agreement. In addition, the Borrower acknowledges that they have entered into this Agreement with the capacity and authority to contract freely and voluntarily and intend to be legally bound herein.
This Agreement may be amended only by the written consent of the Parties hereto.
If any provision is held to be invalid or unenforceable, it shall not affect the validity or enforceability of any other provision.
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 this Agreement.
Except where otherwise provided, failure by the Lender to enforce any of these terms or conditions shall not be a waiver of their right to enforce them. No waiver by the Lender of any breach of, or of compliance with, any condition or provision of this Agreement by the Borrower shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. The rights and remedies of the Lender shall be cumulative and may be pursued singly, successively, or together, in the sole discretion of the Lender.
This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which constitute the same instrument.
The Article and Section headings in this Agreement are for convenience, and they form in no part of this Agreement and shall not affect its interpretation.
Whenever used herein, the singular number shall include the plural, and the plural number shall include the singular.
Any references herein to the masculine gender or the masculine form of any noun, adjective, or possessive shall be construed to include the feminine or neuter gender and form, and vice versa.
This Agreement shall be governed in all respects by the laws of Woodbridge Township, NJ and its Courts without regard to its conflict of law provisions.
Any notice required to be given between the Parties pursuant to the provisions of this Agreement shall be in writing and shall be deemed to have been given at the time when actually received as a consequence of any effective method of delivery at the following addresses (including email) or such changed address as the Party shall have specified by written notice, provided that any notice of change of address shall be effective only upon actual receipt.
Lender: Martin Place, Irvington, NJ
Borrower: E Prospect Ave Woodbridge Township, NJ
IN WITNESS WHEREOF, each of the Parties has executed this Agreement, as set forth below.
Signed by the duly authorized representative of the LENDER
Signature: Name: Designation: Date:
Witness’s Signature:Witness Name:Date:
Signed by the BORROWER
Witness’s Signature:Witness Name:Date:
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