Post
by Kak1988 » Wed Nov 02, 2016 3:38 pm
LOAN AGREEMENT
THIS LOAN AGREEMENT (this "Agreement") dated this Enter date here BETWEEN:
Enter name here of [Insert home address]
(The "Lender")
OF THE FIRST PART
AND
Enter name here, of Enter address here
{The “Borrower”))
OF THE SECOND PART
IN CONSIDERATION OF the Lender loaning certain monies (the "Loan") to the Borrower, and the Borrower repaying the Loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:
Loan Amount & Interest
The Lender promises to lend £Enter amount here (Enter amount in words) GBP, to the Borrower and the Borrower promises to repay this principal amount to the Lender, at such address as may be provided in writing, without any interest.
Payment
This Loan will be repaid after Enter period here, delete if N/A on demand from the lender.
Additional Clauses
The loan is unsecured. There is no charge over the assets of the company.
Third Party Creditors
The loan is hereby subordinated in favour of third parties therefore is not payable until all other creditors have been paid off.
Governing Law
This Agreement will be construed in accordance with and governed by the laws of the Country of England.
Costs
All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.
Binding Effect
This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.
Amendments
This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.
Severability
The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.
General Provisions
Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.
Entire Agreement
This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.
IN WITNESS WHEREOF, the parties have duly affixed their signatures on this Enter date here.
Signed by Lender Signed on behalf of Borrower
Enter name here [Enter name here]
Witness (1)
Name:
Address:
Signature:
Witness (2)
Name:
Address
Signature:
