Sample Loan Agreement
This Loan Agreement ("Agreement") is made and entered into as of this [Date] by and between [Lender's Full Name], whose address is [Lender's Address] ("Lender"), and [Borrower's Full Name], whose address is [Borrower's Address] ("Borrower").
1. Loan Amount and Terms
1.1 Loan Amount
The Lender agrees to lend the Borrower the principal sum of $[Loan Amount] (the "Loan"), upon the terms and conditions set forth in this Agreement.
1.2 Interest Rate
The Loan shall bear an interest rate of [Interest Rate]% per annum.
1.3 Repayment
The Borrower agrees to repay the Loan, together with all interest accrued thereon, in [Number of Installments] equal monthly installments of $[Monthly Installment Amount] beginning on [First Payment Date] and continuing each month thereafter until the Loan is paid in full.
2. Default
In the event that the Borrower fails to make any payment when due or fails to perform any obligation required under this Agreement, the Borrower shall be in default. In the event of a default, the Lender may declare the entire unpaid principal balance on this Loan and all accrued unpaid interest immediately due and payable.
3. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [State], without regard to its conflict of laws principles.
4. Miscellaneous
4.1 Severability
If any provision of this Agreement is found to be invalid or unenforceable under applicable law, such provision shall be ineffective to the extent of such invalidity or unenforceability, without affecting the remaining provisions of this Agreement.
4.2 Amendments
This Agreement may only be amended or modified by a written agreement signed by both parties.
4.3 Entire Agreement
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter.
5. Signatures
In Witness Whereof, the parties hereto have caused this Loan Agreement to be executed as of the date first above written.
[Your Name]
Lender
Lawrence Orn
Borrower
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