Cleaning Services Loan Agreement
Cleaning Services Loan Agreement
This Cleaning Services Loan Agreement (hereinafter referred to as the "Agreement"), is made effective as of [Date], by and between [Your Company Name], a [State of Incorporation] corporation, with its principal place of business located at [Your Company Address], (hereinafter referred to as the "Lender"), and [Client], residing at [Client Address] (hereinafter referred to as the "Borrower").
1. Preamble
1.1 Introduction
The Lender operates a business providing comprehensive cleaning services. The Borrower, requiring financial assistance for the purpose of enhancing and expanding their operational capacity in cleaning services, seeks a loan from the Lender. Both parties, in acknowledgment of their mutual interests, consent to the stipulations laid out in this Agreement.
1.2 Purpose of Loan
The loan is intended for the purpose of [Specify Purpose], which is agreed upon as a legitimate and appropriate use of the funds under this Agreement.
2. Loan Details
2.1 Loan Amount
The Lender agrees to loan the Borrower the principal sum of $[Amount], subject to the terms and conditions set forth herein.
2.2 Interest Rate
The loan will accrue interest at a fixed annual rate of 3.5%, calculated on a 365-day year basis, with monthly accrual.
2.3 Repayment Schedule
The Borrower shall repay the loan in monthly installments of [Specify Monthly Installment], including principal and interest, commencing one month from the date of fund disbursement and continuing until the loan is paid in full.
3. Collateral
3.1 Security
To secure the repayment of the loan, the Borrower pledges the following property as collateral: [Detailed Description of Collateral], located at [Collateral Address, City, State, Zip Code].
4. Covenants and Agreements
4.1 Affirmative Covenants
The Borrower agrees to maintain insurance on the collateral, pay all taxes and assessments when due, and comply with all laws affecting the Borrower’s operations and the collateral.
4.2 Negative Covenants
The Borrower agrees not to incur additional indebtedness, dispose of assets, or enter into any mergers or acquisitions without the Lender’s prior written consent.
5. Penalties and Prepayments
5.1 Late Payment
Should the Borrower fail to make a payment within [Number] days of its due date, a late fee of 5% of the overdue payment may be applied at the Lender's discretion.
5.2 Prepayment
The Borrower has the right to prepay the loan in whole or in part at any time without penalty.
6. Legal Framework
6.1 Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [Governing State], excluding its conflict of law principles.
6.2 Dispute Resolution
Any disputes arising from or related to this Agreement shall be settled through arbitration in accordance with the rules of the American Arbitration Association, with arbitration to occur within the State of [Governing State].
7. Miscellaneous
7.1 Amendment and Waiver
No amendment, modification, or waiver of any provision of this Agreement shall be effective unless in writing and signed by both parties.
7.2 Notices
All notices and communications under this Agreement shall be in writing and sent to the addresses provided at the beginning of this Agreement, unless notified otherwise.
7.3 Severability
If any provision of this Agreement is held to be invalid, illegal, or unenforceable, such provision shall be modified to the minimum extent necessary to make it enforceable, and the remaining provisions shall remain in full force and effect.
7.4 Entire Agreement
This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all previous agreements and understandings, whether oral or written.
8. Execution
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date first above written.
LENDER:
[Your Company Name]
By: 
Name:
Title:
Date:
BORROWER:
[Client Name]
By: 
Name:
Title:
Date:
