loan contract

Loan Agreement

This Loan Agreement (“Agreement”) is executed as of January 1, 2020 (“Effective Date”) by and between John Doe (“Lender”), and Jane Doe (“Borrower”).

1. Loan.

(a) Amount. Lender agrees to lend to the Borrower an amount of twenty-five hundred dollars ($2500) (the “Loan”).

(b) Interest Rate. The Loan shall bear interest from the Effective Date at the rate of two percent (2%) per year.

2. Repayment.

(a) Repayment Date. The Borrower agrees to repay the Loan and all interest accrued thereon on or before the January 1, 2021 (the “Repayment Date”).

(b) Late Payment. In the event that the Borrower fails to make repayment on or before the Repayment Date, the Borrower agrees to pay the Lender a late charge of five percent (5%) of the outstanding principal balance of the Loan, plus any and all interest accrued thereon.

3. Security. The Borrower hereby pledges and grants a security interest in the sum of twenty-five hundred dollars ($2500) represented by the Loan, to secure performance of the terms and conditions of this Agreement.

4. Representations and Warranties. The Borrower hereby represents and warrants the following:

(a) The Borrower has the legal capacity to enter into this Agreement;

(b) The Borrower has read and understands the terms and conditions of this Agreement;

(c) The Borrower will use the Loan in accordance with the terms of this Agreement and with applicable law; and

(d) All representations and warranties of the Borrower set forth herein are true, accurate, and complete as of the Effective Date.

5. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

6. Entire Agreement. This Agreement, including all Exhibits attached hereto, constitutes the entire understanding between the parties, and replaces any and all prior understanding or agreements of any kind, oral or written, regarding this subject matter.

7. Waiver. The failure of the Lender or the Borrower to exercise any rights hereunder shall not operate as a waiver thereof and any such waiver must be made in writing signed by the party against whom any waiver is sought.

8. Severability. If any one or more of the covenants or provisions or any part hereof shall be held to be invalid, illegal, unenforceable or void, the other and remaining provisions, or parts hereof, shall remain in full force and effect.

9. Modifications. No modification or amendment of any of the terms and conditions of this Agreement or any of the attachments hereto shall be valid unless in writing and signed by an authorized representative of both parties.

IN WITNESS WHEREOF, the parties hereunto have executed this Agreement as of the date first above written.

[Signature Page Follows]

Lender:

__________________________

John Doe

Borrower:

__________________________

Jane Doe

Loan Agreement

This loan agreement (the “Agreement”) made on date (the “Effective Date”) between Lender , of address , hereinafter referred to as “Lender” and Borrower , of address , hereinafter referred to as “Borrower”.

Recitals

A. Lender and Borrower wish to enter into this Loan Agreement.

B. Lender is willing to advance the principal sum of money (the “Loan”) to Borrower and Borrower is willing to accept the loan upon terms and conditions certain.

Agreement

NOW THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties agree as follows:

1. The Loan. Lender agrees to lend to Borrower and Borrower agrees to receive from Lender, on the Effective Date and for the consideration described below, the principal sum of money (the “Loan”).

2. Repayment of the Loan. The Loan is due in accordance with the repayment schedule set forth below. The Lender shall charge an interest rate of ______________ % (____%), as agreed upon by both parties. The Borrower shall begin repaying the loan on ___________________. The Borrower shall make all payments to the Lender on ____________________of each month.

3. Discharge of the Loan. Upon the full satisfaction of the Loan and the prompt payment of all amounts due under this Agreement, this Agreement and all related Loan documents shall be considered fully discharged.

IN WITNESS WHEREOF, Lender and Borrower have caused this Agreement to be executed on the dates set forth below.

Signature of Lender _________________________

Signature of Borrower _________________________