Free Debt Repayment Agreement

This Debt Repayment Agreement (“Agreement”) is made and entered into on January 1, 2050, by and between:

Lender:
Name: [Your Name]
Address: 123 Main Street, Metropolis, NY 10001
Phone: (555) 123-4567
Email: [Your Email]

Borrower:
Name: Jane Doe
Address: 456 Elm Street, Gotham, NY 10002
Phone: (555) 987-6543
Email: janedoe@example.com

1. Loan Amount

The Borrower acknowledges that they owe the Lender the amount of $10,000 (the “Debt”).

2. Repayment Terms

The Borrower agrees to repay the Debt as follows:

• Repayment Period: The Debt shall be repaid for 12 months.

• Installment Amount: The Borrower agrees to pay $833.33 per month, beginning on February 1, 2050, until the full amount is paid off.

• Final Payment Date: The final payment shall be made no later than January 31, 2051.

3. Interest

• The Debt shall not accrue interest.

4. Payment Method

Payments shall be made via:

• Bank Transfer to Account Number: 987654321 (Bank Name: Future Bank).

5. Late Payments

If the Borrower fails to make a payment on time:

• A late fee of $50 may be assessed.

• The Lender reserves the right to demand immediate payment of the remaining balance.

6. Prepayment

The Borrower may prepay the remaining balance at any time without penalty.

7. Default

If the Borrower fails to make payments as agreed, the Lender may:
a) Declare the entire balance due immediately.
b) Take legal action to collect the Debt.

8. Governing Law

This Agreement shall be governed by the laws of New York, USA.

9. Entire Agreement

This Agreement represents the entire understanding between the parties and supersedes any prior agreements.

Signatures

Lender:

Name: [Your Name]
Date: January 1, 2050

Borrower:

Name: Jane Doe
Date: January 1, 2050

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