Money Agreement Between Two Parties
This Money Agreement (the "Agreement") is made and entered into on this 1st day of January, 2060, by and between:
PARTY A: [YOUR NAME], located at Austin, TX 73301, hereinafter referred to as "Party A,"
AND
PARTY B: Drake Feeney, located at Austin, TX 73301, hereinafter referred to as "Party B."
Collectively, both parties will be referred to as the "Parties."
1. PURPOSE OF THE AGREEMENT
This Agreement is entered into for the purpose of formalizing the understanding between the Parties regarding the transfer and repayment of money as outlined below. The sum of Fifty Thousand Dollars ($50,000) is to be paid by Party A to Party B as part of a financial arrangement.
2. TERMS OF THE LOAN OR PAYMENT
Loan Amount
Party A agrees to loan Party B the sum of Fifty Thousand Dollars ($50,000), hereinafter referred to as the "Loan."
Repayment Schedule
The Loan is to be repaid by Party B to Party A as follows:
First Payment: $10,000 due on March 1st, 2060.
Second Payment: $10,000 due on June 1st, 2060.
Third Payment: $10,000 due on September 1st, 2060.
Final Payment: $20,000 due on December 1st, 2060.
Payments should be made by bank transfer, to the following account:
3. INTEREST AND FEES
The Loan will accrue interest at a rate of 5% per annum, calculated annually. Should Party B fail to make a payment on time, a late fee of $500 will be charged for each missed payment. Party A reserves the right to adjust the interest rate if the payment schedule is not adhered to.
4. SECURITY
As security for the Loan, Party B agrees to pledge her vehicle (a 2059 Tesla Model S, VIN 5YJSA1E43KF300000) as collateral. This collateral will be held by Party A until the Loan is repaid in full.
5. DEFAULT AND REMEDIES
In the event Party B fails to make a payment within 30 days of the due date, Party A has the right to take any or all of the following actions:
Demand immediate repayment of the full outstanding balance.
Take legal action to recover the owed amount, including but not limited to engaging in debt collection services or filing a lawsuit.
6. TERM OF THE AGREEMENT
This Agreement shall remain in effect until all outstanding payments have been made, and the Loan is fully repaid. The Agreement may be terminated by mutual written consent of both Parties.
7. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of Texas, without regard to its conflict of laws principles.
8. DISPUTE RESOLUTION
In the event of a dispute arising from this Agreement, the Parties agree to attempt to resolve the matter through informal negotiations. If the dispute cannot be resolved informally, the Parties agree to submit the dispute to arbitration under the rules of the American Arbitration Association (AAA) for binding resolution.
9. AMENDMENTS
This Agreement may be amended or modified only in writing and signed by both Parties. Any amendments or modifications must be executed by the Parties in order to be valid and enforceable.
10. SIGNATURES
By signing below, the Parties acknowledge that they have read, understood, and agreed to the terms outlined in this Money Agreement.
Party A:
[YOUR NAME]
Date: January 1st, 2060
Party B:
Drake Feeney
Date: January 1st, 2060
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