Printable Loan Agreement
This Loan Agreement ("Agreement") is made and entered into on January 15, 2050, by and between:
Lender:
Name: [Your Name]
Address: 1234 Oakwood Drive, Springfield, IL, 62701
Contact Details: (555) 123-4567 / [Your Email]
Borrower:
Name: Emily R. Johnson
Address: 5678 Maple Lane, Chicago, IL, 60605
Contact Details: (555) 987-6543 / emily.johnson@email.com
1. Loan Amount and Disbursement
The Lender agrees to loan the Borrower the amount of $50,000 USD (Fifty Thousand United States Dollars). The loan will be disbursed to the Borrower on February 1, 2050, via direct bank transfer to the Borrower’s account.
2. Interest Rate
The loan will bear an interest rate of 5% per annum, compounded annually. Interest will begin accruing on the date the loan is disbursed.
3. Repayment Terms
The Borrower agrees to repay the loan in monthly installments as follows:
Amount of each installment: $1,500
Payment frequency: Monthly
First payment due on: March 1, 2050
Final payment due on: February 1, 2055
Payments will be made via bank transfer to the Lender's account or another method agreed upon by both parties.
4. Late Payment Penalties
If the Borrower fails to make a payment by the due date, a late fee of $100 or 5% of the overdue payment amount, whichever is greater, will be charged. If payments remain overdue for more than 30 days, the Lender reserves the right to demand immediate repayment of the entire outstanding loan amount, including accrued interest and penalties.
5. Prepayment
The Borrower may prepay the loan, in full or in part, at any time without penalty. Any prepayment will reduce the principal balance and will be applied toward the earliest due payments.
6. Purpose of the Loan
The Borrower agrees that the loan will be used to purchase a residential property located at 1245 Birchwood Avenue, Springfield, IL, 62703.
7. Collateral
As security for the loan, the Borrower will pledge the following collateral:
Real estate property: 1245 Birchwood Avenue, Springfield, IL, 62703
Estimated value: USD 100,000
The Lender may take possession of the collateral in the event of default, as described in Section 8.
8. Default
In the event the Borrower defaults on the loan by failing to make payments for three consecutive months or otherwise violating any term of this Agreement, the Lender has the right to:
Demand immediate repayment of the full loan amount, including interest and penalties.
Take possession of the collateral as outlined in Section 7.
Initiate legal proceedings to recover the debt.
9. Governing Law
This Agreement will be governed by and construed by the laws of the state of Illinois, United States of America. Any disputes arising under this Agreement shall be resolved through the courts located in Springfield, Illinois.
10. Miscellaneous Provisions
This Agreement constitutes the entire understanding between the parties and supersedes any previous agreements related to the loan.
Any amendments or modifications to this Agreement must be made in writing and signed by both parties.
If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions will continue in full force and effect.
11. Signatures
[Your Name]
[Date]
Emily R. Johnson
[Date]
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