Loan Agreement Template 05

LOAN AGREEMENT
Agreement Number: __________

Agreement date: ______________
This loan agreement is commenced between:

Name: ____________________________
Address: __________________________
Phone Number: _____________________
hereinafter referred as the Lender

And
Name: ___________________________
Address: _________________________
Phone Number: __________________
Hereinafter referred as the Borrower
LOAN AMOUNT. The Lender promises to loan the equivalent of______________ Dollars ($_________), to
the Borrower and the Borrower promises to reply this principal amount to the Lender, at such address as may be
provided in writing.
PAYMENT. This agreement, (the “Note”), shall be due and payable, including the principal and any accrued
interest, in one of the following ways:
☐ Once per week beginning on ______________, 20____ and to continue every seven (7) days until
the balance is paid.
☐ Once per month beginning on ______________, 20____ and payment is due on the ___ of every
month until the balance is paid.
☐ Other:________________________________________________________________
All payments made by the Borrower are to be applied first (1st) to any accrued interest and then to the principal
balance. The total amount of the loan shall be due and payable on the ____ day of ________________, 20____.
INTEREST. The Note shall
☐ Bear interest at a rate of _______________ percent (_______ %) compounded annually. The rate
must be equal to or less than the usury rate in the State of the Borrower.
☐ Not bear interest.
Page 1 of 3
PREPAYMENT. The Borrower has the right to pay back the loan in-full or make additional payments at any
time without penalty.
REMEDIES. No delay or omission on part of the holder of this Note in exercising any right hereunder shall
operate as a waiver of any such right or of any other right of such holder, nor shall any delay, omission or waiver
on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The
rights and remedies of the Lender shall be cumulative and may be pursued singly, successively, or together, in
the sole discretion of the Lender.
EVENTS OF ACCELERATION. The occurrence of any of the following shall constitute an "Event of
Acceleration" by the Lender under this Note:
(a) Borrower’s failure to pay any part of the principal or interest as and when due under this Note; or
(b) Borrower’s becoming insolvent or not paying its debts as they become due.
ACCELERATION. Upon the occurrence of an Event of Acceleration under this Note, and in addition to any
other rights and remedies that Lender’s may have, Lender shall have the right, at its sole and exclusive option, to
declare this Note immediately due and payable.
SUBORDINATION. The Borrower’s obligations under this Promissory Note are subordinated to all
indebtedness, if any, of the Borrower, to any unrelated third party lender to the extent such indebtedness is
outstanding on the date of this Note and such subordination is required under the loan documents providing for
such indebtedness.
WAIVERS BY BORROWER. All parties to this Note including the Borrower and any sureties, endorsers,
and guarantors hereby waive protest, presentment, notice of dishonour, and notice of acceleration of maturity
and agree to continue to remain bound for the payment of principal, interest and all other sums due under this
Note notwithstanding any change or changes by way of release, surrender, exchange, modification or
substitution of any security for this Note or by way of any extension or extensions of time for the payment of
principal and interest; and all such parties waive all and every kind of notice of such change or changes and
agree that the same may be made without notice or consent of any of them.
EXPENSES. In the event any payment under this Note is not paid when due, the Borrower agrees to pay, in
addition to the principal and interest hereunder, reasonable attorneys' fees not exceeding a sum equal to the
maximum usury rate in the State of ___________________ of the then outstanding balance owing on the Note,
plus all other reasonable expenses incurred by Lender in exercising any of its rights and remedies upon default.
GOVERNING LAW. This Note shall be governed by, and construed in accordance with, the laws of the State
of ___________________ (STATE NAME).
SUCCESSORS. All of the foregoing is the promise of Borrower and shall bind Borrower and Borrower’s
successors, heirs and assigns; provided, however, that Lender may not assign any of its rights or delegate any of
its obligations hereunder without the prior written consent of the holder of this Note.
IN WITNESS WHEREOF, Borrower has executed this Promissory Note as of the day and year first above
written.
Page 2 of 3
Borrower’s Signature: ___________________________
Print: __________________________
Lender’s Signature: ___________________________
Print: ___________________________
Witness’s Signature: ___________________________
Print: ___________________________
Witness’s Signature: ___________________________
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LOAN AGREEMENT

Agreement Number: __________

This loan agreement is commenced between:

hereinafter referred as the Lender

Hereinafter referred as the Borrower

INTEREST. The Note shall

☐ Not bear interest.

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