Free Finance Agreement

This Finance Agreement ("Agreement") is entered into on [Date], by and between [Your Name], hereinafter referred to as the "Lender," and [Borrower's Name], hereinafter referred to as the "Borrower." The parties hereby agree to the terms and conditions outlined herein to establish a financial arrangement.

1. Loan Amount and Terms

The Lender agrees to provide the Borrower with a loan for USD 100,000, subject to the terms and conditions outlined in this Agreement. The loan shall bear an interest rate of 6.5% per annum, compounded annually, and shall be repaid in 120 equal monthly installments over 10 years.

2. Payment

The Borrower agrees to make the monthly installment payments on or before the 15th day of each month. Payments shall be made in the lawful currency of the United States to the Lender's designated account. Failure to make timely payments shall constitute an event of default under this Agreement.

3. Collateral

As security for the loan, the Borrower shall provide a priority security interest in their residential property, specifically described as [Borrower's Property Address], including all improvements, fixtures, and appurtenances thereto, valued at no less than the outstanding balance of the loan. The Collateral shall remain in possession of the Borrower, allowing them to retain ownership and use of the property, but shall be subject to repossession by the Lender in the event of default, granting the Lender the right to foreclose on the property to satisfy the outstanding debt.

4. Events of Default

The following events shall constitute defaults under this Agreement:

(a) failure to make timely payments as specified herein,

(b) breach of any other covenant or provision of this Agreement,

(c) insolvency or bankruptcy of the Borrower. Upon the occurrence of any default, the Lender shall have the right to declare the entire outstanding balance of the loan immediately due and payable.

5. Miscellaneous

This Agreement constitutes the entire understanding between the parties concerning the subject matter herein and supersedes all prior agreements and understandings, whether oral or written. Any modification or amendment to this Agreement must be made in writing and signed by both parties. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.

6. Governing Law

This Agreement shall be governed by and construed by the laws of the State of [State], without regard to its conflict of laws principles. Any disputes arising out of or relating to this Agreement shall be resolved exclusively by the courts of [State].

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

[Your Name]

[Date Signed]

[Borrower's Name]

[Date Signed]

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