Free Monthly Payment Agreement

This Monthly Payment Agreement ("Agreement") is entered into on [Date], by and between: [Your Company Name], hereinafter referred to as the "Seller," with a principal place of business at [Your Company Address]. [Buyer's Name], hereinafter referred to as the "Buyer," with a principal place of residence at [Buyer's Address].

Terms and Conditions:

1. Payment Amount:

The individual who is referred to as the Buyer agrees that they are committed to making payments to the individual referred to as the Seller. This said payment is a total amount of five hundred dollars every month.

2. Payment Due Date:

The required payment has been stipulated to be due and expected to be settled on the fifth day of every month.

3. Method of Payment:

The individual or entity who is identified as the Buyer is required to execute the payments. The mode through which these payments need to be conducted is via electronic bank transfer. The recipient of these payments is none other than the Seller, who has specifically designated a bank account for this purpose; this account is held at ABC Bank. The account number for this particular bank account is 123456789. It is to this account that all payments must be directed.

4. Late Payments:

Should the scenario arise in which the Buyer fails to make their payment on time, they will, as a consequence, be liable for an additional charge. This late fee will either be a sum of 5% of the balance they have yet to pay, or a set fee of $25. The exact amount will be determined by whichever of these two options results in a greater cost for the Buyer.

5. Default:

Should the individual who holds the title of 'Buyer' fail to remit the required monthly payment within 10 days, following the officially stated due date, the individual or entity referred to as the 'Seller' hereby reserves their legal right to engage in legal proceedings as necessary to recover the amount that remains outstanding.

6. Modifications:

Both parties must agree to and sign any changes or alterations proposed to this Agreement, and these modifications must be made and documented in written form.

7. Governing Law:

The understanding and interpretation of this Agreement should be made by the laws in force within the State of California. It is by these laws that this Agreement will be governed.

8. Entire Agreement:

This Agreement constitutes the entire understanding between the parties concerning the subject matter herein and supersedes all prior agreements, representations, and understandings.

9. Severability:

If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

10. Signatures:

In Witness Whereof, the parties hereto have executed this Agreement as of the date first above written:

[YOUR COMPANY NAME] (Seller)

[DATE SIGNED]

[CLIENT'S NAME] (Buyer)

[DATE SIGNED]

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