LOAN REPAYMENT AGREEMENT
THIS LOAN AGREEMENT is entered into on this ________day of 2020, by and between_______________ (hereinafter, known as ‘LENDER’) and __________________ (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, B.ORROWER promises to repay to the order of LENDER the sum of US $ 237,000 minus interest thereon.
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:
- Principal Loan Amount = US $ 237,000 to be repaid in 24 months
- Loan Repayment Terms
BORROWER will make payment(s) to LENDER according to the following schedule:
- For the first 6 months, BORROWER will pay $ 5000 per month
- The rest of the balance will be divided into 18 months with 0% interest.
Upon total repayment of the loan, the LENDER shall release 50% ownership of Lucy’s Lashes to BORROWER.
The BORROWER shall make all payments called for under this agreement by sending check or other negotiable instrument made payable to the LENDER.
The occurrence of any of the following events shall constitute a Default by the BORROWER of the terms of this loan agreement:
- BORROWER’s failure to pay any amount due as principal as required under this loan agreement.
- BORROWER seeks an order of relief under the Federal Bankruptcy laws.
- A federal tax lien is filed against the assets of BORROWER
- 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 15 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.
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 15 days after receiving a written notice of default from LENDER constitutes a material breach of this agreement by BORROWER.
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.
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.
Except as otherwise provided in this document, this agreement may be modifies, 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.
- Exclusive Jurisdiction for Suit in Case of Breach
The Parties, by entering into this agreement, submit to jurisdiction in State of California 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 California 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.
- State Law
This Agreement shall be interpreted under, and governed by, the laws of the State of California.
IN WITNESS WHEREOF and acknowledging acceptance and agreement of the foregoing, BORROWER and LENDER affix their signatures hereto.
(Borrower’s Signature) (Lender’s Signature)
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