Specifies the terms under which one party lends money to another, including repayment and interest.
This Loan Agreement outlines the terms and conditions under which money is borrowed by one party from another. It includes repayment terms, interest rate, and responsibilities of each party. This agreement helps establish a legally binding arrangement ensuring clarity and mutual understanding.
This Loan Agreement ("Agreement") is made and entered into on {agreementDate} by and between the following parties:
Principal Amount | Interest Rate | Loan Term | Repayment Start Date |
---|---|---|---|
${loanAmount} | {interestRate}% per annum | {loanTerm} | {repaymentStartDate} |
The Borrower agrees to repay the loan under the following schedule:
{#repaymentSchedule}
{/repaymentSchedule}
{^penaltyForPrepayment}The Borrower may prepay the loan in full or in part at any time without penalty.{/penaltyForPrepayment}
{#penaltyForPrepayment}The Borrower may prepay the loan, subject to a prepayment penalty of {prepaymentPenalty}.{/penaltyForPrepayment}
Failure to make payments according to the agreed schedule shall constitute an event of default. In such case, the remaining loan amount becomes due immediately.
{#hasCollateral}This loan is secured with the following collateral: {collateralDescription}.{/hasCollateral}
{^hasCollateral}This loan is unsecured and no collateral is required.{/hasCollateral}
This Agreement shall be governed by and interpreted in accordance with the laws of the jurisdiction of {jurisdiction}.
Lender Signature: ___________________________ {lenderName} |
Date: {lenderSignatureDate} |
Borrower Signature: ___________________________ {borrowerName} |
Date: {borrowerSignatureDate} |
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