Private Loan Contract
This Loan Contract is made and entered upon this Date of Contract ("Effective Date"), by and between [Lender Name], having its principal place of business located at [Lender Address] (the "Lender") and [Borrower Name], having its principal place of business located at [Borrower Address] (the "Borrower").
I. LOAN AMOUNT AND TERMS
The Lender has agreed to provide the Borrower with a loan. The amount of this loan is determined to be $100,000. Upon provision of this loan, also referred to as the "Loan," it will begin to accumulate interest. The interest rate at which it will accumulate is 5% per annum this interest will be calculated annually.
II. TERM OF LOAN
The term of this loan will commence starting from the [Date] specified in the terms and conditions section of this Contract. Subsequently, it will continue unabated until the pre-determined [End Date] unless in certain situations where it may be brought to an abrupt termination as dictated by and in compliance with the certain provisions and stipulations already enshrined within this Contract.
III. REPAYMENT
The borrower must return the loan principal and interest as per the repayment schedule. This includes ten installments of $10,000 starting May 10, 2050, continuing on the 10th of each month till April 10 for the next nine years. The final payment is due till the loan and interest are fully repaid.
IV. COLLATERAL
Secured Loan: The Loan under this Contract is secured by the following collateral:
Description of Collateral: A 2023 Toyota Camry,
VIN: 12345678901234567, and a commercial property located at 789 Oak Street, Cityville, State XYZ, with title deed number 9876543210.
V. DEFAULT
If the Borrower does not adhere or comply with the specific terms and conditions outlined in this legally binding Contract, the Lender reserves the right, and is fully within their legal jurisdiction, to officially declare that the entire Loan, inclusive of all accumulated interest, be classified as due and payable with immediate effect.
VI. GOVERNING LAW AND JURISDICTION
This Contract falls under the jurisdiction and governance of the specific laws of [Jurisdiction]. Each party involved in this Contract has expressly agreed to submit themselves to the power and authority of the courts established within the boundaries of [Jurisdiction], and will therefore abide by any legal decisions and directions made by these courts.
VII. ENTIRE AGREEMENT
This Contract constitutes the entire agreement between the parties and supersedes all prior oral or written agreements, understandings, or arrangements relating to the subject matter of the Contract.
IN WITNESS WHEREOF, the parties have executed this Private Loan Contract on the Effective Date.
[Lender Name]
[Borrower Name]
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