Sample Agreement for Payment
1. Parties
This Payment Agreement ("Agreement") is entered into as of [Date] by and between:
Creditor: [Your Name], an Individual with its principal address at [Your Company Address].
Debtor: Lyda Fadel, an Individual with its principal address at Detroit, MI 48201.
2. Recitals
Whereas, the Creditor has agreed to lend to the Debtor a certain amount of money as described below and under the conditions specified in this Agreement; and
Whereas, the Debtor agrees to repay the loan according to the terms and conditions set forth herein.
3. Payment Terms
3.1 Loan Amount
The Creditor agrees to loan to the Debtor the principal sum of 125000 USD.
3.2 Payment Schedule
The Debtor agrees to repay the principal amount in 5 installments, each in the amount of 2500 USD, to be paid on a monthly basis, with the first installment due on [First Payment Date] and the final installment due on [Final Payment Date].
3.3 Interest
Interest shall not be charged on the unpaid principal balance, unless otherwise specified in any addenda to this Agreement.
3.4 Method of Payment
Payments shall be made via [Payment Method, e.g., bank transfer] to an account designated by the Creditor.
4. Default
If the Debtor defaults in the payment of any installment or part thereof, the entire remaining balance shall immediately become due and payable at the option of the Creditor.
5. Governing Law
This Agreement shall be construed in accordance with, and governed by, the laws of the State of [State], without giving effect to any conflict of law principles.
6. Amendments
No amendment or modification to this Agreement shall be valid unless made in writing and signed by both parties.
7. Entire Agreement
This Agreement constitutes the entire agreement between the parties regarding the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.
8. Signatures
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, each party to this Agreement has caused it to be executed at [Location] on the date indicated below.
[Your Name]
Lyda Fadel
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