LOAN REPAYMENT AGREEMENT

April 10, 2023

LOAN REPAYMENT AGREEMENT

THIS LOAN AGREEMENT is entered into on this ________day of 2021, by and between PAMELA FLOYD (hereinafter, known as ‘LENDER’) and NATURE TRANSPORTATION LLC (hereinafter, known as ‘BORROWER’). BORROWER and LENDER shall collectively be known herein as “the Parties”. In determining the rights and duties of the Parties under this Loan Agreement, the entire document must be read as a whole.

 WHEREAS, FOR VALUE RECEIVED, BORROWER promises to repay the LENDER a monthly total of $ 500 with a 2 month grace period from the date received.

The BORROWER and LENDER hereby further set forth their rights and obligations to one another under this Loan Agreement and agree to be legally bound as follows:

  1. Principal Loan Amount = US $ 15,000.

The amount will be used to purchase a truck which the Pamela Floyd will be a lien holder until the loan is fully repaid. Pamela Floyd will give the business $ 5,000 at a date of her choosing to get 3% of the Company’s annual profits for life.

  • Loan Repayment Terms

BORROWER will make payment(s) to LENDER according to the following schedule:

  1. A monthly amount of $ 500 with a 2 month grace period from the date the loan amount is received.
  2. Method of Loan Payment

The BORROWER shall make all payments called for under this agreement by sending check or other negotiable instrument made payable to the LENDER.

  • Default

The occurrence of any of the following events shall constitute a Default by the BORROWER of the terms of this loan agreement:

  1. BORROWER’s failure to pay any amount due as principal as required under this loan agreement.
  2. BORROWER seeks an order of relief under the Federal Bankruptcy laws.
  3. A federal tax lien is filed against the assets of BORROWER
  4. Cure of Default

Upon Default, LENDER shall give BORROWER written notice of default. Mailing of written notice by LENDER to BORROWER via U.S Postal Service shall constitute prima facie evidence of delivery. BORROWER shall have 30 days after receipt of written notice of default from LENDER to cure said default. In the case of default due solely to BORROWER’s failure to make timely payment as called for in this loan agreement, BORROWER may cure the default by making full payment of any principal whose payment to LENDER is overdue, under the loan agreement.

  • Indemnification

Should any party materially breach this agreement, the non-breaching party shall be indemnified by the breaching party for its reasonable attorney fees and out-of pocket costs which in any way relate to, or were precipitated by, the breach of this agreement. The term “out-of- pocket costs”, as used herein, shall not include lost profits. A default by BORROWER which is not cured within 30 days after receiving a written notice of default from LENDER constitutes a material breach of this agreement by BORROWER.

  • Integration

This Agreement, including any references mentioned in the body set forth the entire agreement between the Parties with regard to the subject matter hereof. All prior agreements, representations and warranties, express or implied, oral or written, with respect to the subject matter hereof, are superseded by this agreement. This is an integrated agreement.

  • Severability

In the event any provision of this Agreement is deemed to be void, invalid or unenforceable, that provision shall be severed from the remainder of this Agreement so as not to cause the invalidity or unenforceability of the remainder of this Agreement. All remaining provisions of this Agreement shall then continue in full force and effect. If any provision shall be deemed invalid due to its scope or breadth, such provision shall be deemed valid to the extent of the scope and breadth permitted by law.

  • Modification

Except as otherwise provided in this document, this agreement may be modified, superseded, or voided only upon written and signed agreement of the Parties. Further, the physical destruction or loss of this document shall not be construed as a modification or termination of the agreement contained herein.

  1. Exclusive Jurisdiction for Suit in Case of Breach

The Parties, by entering into this agreement, submit to jurisdiction in State of ____________________ for adjudication for any disputes and/or claims between the Parties under this agreement.

Furthermore, the Parties hereby agree that the courts of the State of ________________ shall have exclusive jurisdiction over any disputes between the parties relative to this agreement, whether said disputes sounds in contract, tort, or other areas of the law.

  1. State Law

This Agreement shall be interpreted under, and governed by, the laws of the State of ______________________.

IN WITNESS WHEREOF and acknowledging acceptance and agreement of the foregoing, BORROWER and LENDER affix their signatures hereto.

Lender’s name: _______________________

Signature: __________________________

Date: ________________________

Borrower’s Representative Name: ___________________________

Signature: __________________________

Date:_______________________

At Legal writing experts, we would be happy to assist in preparing any legal document you need. We are international lawyers and attorneys with significant experience in legal drafting, Commercial-Corporate practice and consulting. In the last few years, we have successfully undertaken similar assignments for clients from different jurisdictions. If given this opportunity, The LegalPen will be able to prepare the legal document within the shortest time possible. You can send us your quick enquiry ( here )