Loan Agreement
This Loan Agreement (the Agreement) is made and entered into by and between [Party A], which is a natural person residing at [Address] (hereinafter referred to as the Borrower), and [Party B], which is a natural person residing at [Address] (hereinafter referred to as the Lender).
Whereas, the Borrower desires to borrow the sum of $[Amount] (the Loan) from the Lender, and the Lender is willing to lend such sums to the Borrower in accordance with the terms and conditions set forth in this Agreement;
Now, therefore, the parties hereto agree as follows:
1. Loan. The Lender hereby agrees to lend to the Borrower the sum of $[Amount], payable in full upon the provisions of this Agreement and the Borrower hereby agrees to borrow such sum from the Lender.
2. Interest. The Loan shall bear interest at a rate of [Interest Rate] percent (the Interest Rate) from the date of this Agreement until the date of full payment of the Loan.
3. Repayment. The Borrower shall repay the principal amount of $[Amount], together with interest thereon at the rate of [Interest Rate] percent (the “Interest Rate”), to be paid in full [Number] monthly payments beginning on [First Payment Date] and continuing on the same day of each month thereafter until the Loan is paid in full.
4. Security. The Borrower shall provide the Lender with a collateral security in the form of real estate property with a value equal to or greater than the amount of the Loan.
5. Events of Default. In the event that the Borrower fails to make any required payment of principal or interest, or fails to comply with any other provision of this Agreement, the Lender shall have the right to declare a default and accelerate the Loan, declare all sums due and payable, and/or commence legal action against the Borrower.
6. Miscellaneous. This Agreement is made in [State], and shall be construed and enforced in accordance with the laws of [State] and shall be binding upon the parties and their respective heirs, executors, administrators, successors, and assigns. If any provision of this Agreement shall be determined to be invalid or unenforceable by any court having jurisdiction, the remainder of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.
Party A
Party B
