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THIS AGREEMENT is made on [Date] between [Name] of [Address] hereinafter referred to as "Lender", and [Name] of [Address] hereinafter referred to as "Borrower".
Agreement is as follows:
The breakdown of the said loan is outlined in the following as: (Describe including percentage and interest)
01. Borrower will agree repay the amount of this loan in monthly installments of $------ each on the [day] of each month starting on the [day] of [month] 20 __, and ending on [day] of [month] 20 __,
02. Lender does hereby offer Borrower the right to prepay the whole outstanding amount at any time. Any applicable finance charges will apply under the rule of 78 which is a common used formula for reckoning rebates on loans.
03. Late Charges Apply. Any payment not paid within ten [---] days of its due date, shall be subject to a late charge of [---%] of the payment, but will not exceed [$----] for any such late payment.
04. Loan Security. To protect lender, Borrower gives what is known as a security interest or mortgage in: (Describe in Detail)
05. Default on Loan. If for any reason Borrower fails to make any payment on time, Borrower shall be in default. The Lender can then demand immediate payment of the whole remaining unpaid balance of this loan, without giving anyone further notice. If Borrower has not paid the full amount of the loan when the final payment is due, the Lender will charge interest on the unpaid balance at a rate of [---%] per year.
06. If the loan becomes past due, the Lender will have the legal right to pay this loan from any deposit or security Borrower has with this lender without notice to Borrower. If the Lender will give Borrower an extension of time to pay this loan, Borrower is liable legally to repay the entire loan.
07. Arbitration. Any disputes pertaining to said contractual arrangement being affairs that cannot be settled amicably shall be submitted to an arbitrator under the Rules of the American Arbitration Association in the City of [city], whose award may be reduced to judgment in any court of competent jurisdiction.
08. Collection fees. If the loan agreement is placed with an attorney for collection, then Borrower agrees to pay the attorney's fee of [---%[ of the unpaid balance. This fee will be included to the unpaid balance of the loan.
09. Severability. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
10. Waiver Of Contractual Right. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Agreement.
15. No Representations. Neither party has made any representations nor promises, other than those contained in this agreement or in some further writing signed by the party making the representation or promise.
11. Interpretation. This Agreement will in all events be construed as a whole, according to its fair meaning, and not strictly for or against a party merely because that party (or the party's legal counsel) drafted the Agreement. The headings, captions, and titles in this legal Agreement are merely for reference and do not define, limit, extend, or describe the scope of this Agreement or any provision herein. Unless the context requires otherwise, (a) the gender (or lack of gender) of all words used in this Agreement includes the masculine, feminine, and neuter, and (b) the word including means including without limitation.
12. Notices. Any notice to be given or to be served upon any party hereto must be in writing and may be given by certified or registered mail, but shall be deemed to have been given and received when a certified or registered letter containing such notice, properly addressed with postage prepaid, is deposited with the United States Postal Service. If notice is given in some manner other than by certified or registered mail, it shall be deemed to have been given when delivered to and received by the party to whom it is addressed, Such notices shall be given to the parties hereto at the following addresses:
If to the Lender:
[city, state, zip]
If to the Borrower:
[city, state, zip]
Any party hereto may change its address for purposes of this paragraph by written notice given in the manner provided above.
13. Co-borrowers: If Borrower is signing this agreement as a co-borrower, Borrower agrees to be equally responsible with the borrower for the loan.
14. Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each party to this Agreement will execute and deliver any additional documents and perform any additional acts that may be necessary or appropriate to effectuate and perform its obligations under this Agreement and the transactions contemplated hereby.
15. Invalid Provisions. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
16. Invalid Provisions. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under any present or future law, then that provision will be fully severable. This Agreement will be construed and enforced as if the illegal, invalid, or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of each such illegal, invalid, or unenforceable provision, there will be added automatically, as a part of this Agreement, a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid and enforceable.
17. This Agreement may be executed in more than one counterpart and signature pages may be exchanged by facsimile.
18. Transfer Of Rights. This Agreement shall be binding on any successors of the parties.
19. Entire Agreement. This Agreement contains the entire agreement of the parties and there are no other promises or conditions in any other agreement whether oral or written. This Agreement supersedes any prior written or oral agreements between the parties.
20. Applicable Law. This Agreement shall be governed by the laws of the State of ________. Executed on the day and date first above written, at __________________.
Name [Full Name]