Loan Waiver Agreement
This Loan Waiver Agreement (“Agreement”) is made and entered into on this 6th day of January, 2050, by and between:
Lender:
[Your Name]
123 Elm Street
Hometown, HT 12345
Phone: (555) 123-4567
Email: [Your Email]
AND
Borrower:
Sarah Johnson
456 Oak Avenue
Hometown, HT 67890
Phone: (555) 987-6543
Email: sarah.johnson@email.com
Recitals
WHEREAS, the Borrower previously entered into a loan agreement with the Lender on March 15th, 2048 (the “Loan Agreement”), under which the Borrower is required to repay the loan of $50,000 by the terms specified in the Loan Agreement; and
WHEREAS, the Lender agrees to waive the repayment obligations of the Borrower under certain conditions specified herein.
NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties hereby agree as follows:
1. Loan Details:
Principal Amount of the Loan: $50,000
Date of Loan Agreement: March 15th, 2048
Remaining Balance of Loan: $30,000
2. Waiver of Loan:
The Lender hereby agrees to waive the Borrower's obligation to repay the remaining balance of the loan for $20,000, effective from January 6th, 2050. This waiver is granted under the condition that the Borrower has complied with the terms outlined in the Loan Agreement up to the date of this Agreement.
3. Condition of Waiver:
The waiver is contingent upon the Borrower fulfilling the following conditions (if any):
The Borrower has repaid a minimum of $30,000 towards the original loan amount by December 31st, 2049.
The Borrower has submitted a written request for the waiver by January 5th, 2050.
4. Release of Liability:
Upon the execution of this Agreement, the Borrower is released from any further obligations to repay the portion of the loan waived under this Agreement. The Borrower shall not owe any further payments on the waived amount and shall have no further liability concerning the waived portion of the loan.
5. Effect of Agreement:
Except as specifically amended by this Agreement, all terms and conditions of the original Loan Agreement shall remain in full force and effect. The Lender retains the right to enforce the remaining obligations of the Borrower under the Loan Agreement that are not waived herein.
6. No Further Waivers:
The Lender acknowledges and agrees that this waiver is granted as a one-time relief, and no further waiver or forgiveness of any part of the loan will be granted unless expressly agreed upon in writing.
7. Governing Law:
This Agreement shall be governed by and construed by the laws of the state of Hometown.
8. Severability:
If any part of this Agreement is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
9. Entire Agreement:
This Agreement constitutes the entire understanding between the parties and supersedes all prior discussions, negotiations, or agreements related to the loan waiver.
IN WITNESS WHEREOF, the parties hereto have executed this Loan Waiver Agreement as of the day and year first above written.
Lender:
Name: [Your Name]
Date: January 6, 2050
Borrower:
Name: Sarah Johnson
Date: January 6, 2050
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