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February 23, 2001: Blitz Document v.1.0

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Download Loan Agreement automated document template / form

LOAN AGREEMENT
This Loan Agreement (the Agreement) is made and effective this 11th day of July, 2009,
BETWEEN: [COMPANY NAME] (the 'Lender'), a corporation organized and existing under the laws of the state of [STATE] with its head office located at: [STREET], [CITY], [STATE] [ZIP CODE]
AND: [COMPANY NAME] (the 'Borrower'), a corporation organized and existing under the laws of the state of [STATE] with its head office located at: [STREET], [CITY], [STATE] [ZIP CODE]
1. PROMISE TO PAY
Within sixty months from today, Borrower promises to pay to Lender the sum of $70,000.00, and interest and other charges stated below.
2. RESPONSIBILITY
Although this Agreement may be signed below by more than one person, Borrower understands that we are each as individuals responsible for paying back the full amount.
3. BREAKDOWN OF LOAN
Amount of Loan: Other (Describe) Amount financed: Finance charge: Total of payments: Annual Rate:
4. REPAYMENT
This is how Borrower will repay: Borrower will repay the amount of this note in [NUMBER] equal uninterrupted monthly installments of [AMOUNT] each on the [DAY] of each month starting on the 24 August 2001, and ending on 04 August 2006.
5. PREPAYMENT
Borrower has the right to prepay the whole outstanding amount at any time. If Borrower does, or if this loan is refinanced  that is, replaced by a new note  Lender will refund the unearned finance charge, figured by the [RULE]  a commonly used formula for figuring rebates on installment loans
6. LATE CHARGE
Any installment not paid within [NUMBER] days of its due date shall be subject to a late charge of [%] of the payment, not to exceed [AMOUNT] for any such late installment.
7. SECURITY
To protect Lender, Borrower gives what is known as a security interest or mortgage in:
[DESCRIBE]
8. DEFAULT
If for any reason Borrower fail to make any payment on time, Borrower shall be in default. The Lender can then demand immediate payment of the entire remaining unpaid balance of this loan, without giving anyone further notice. If Borrower have not paid the full amount of the loan when the final payment is due, the Lender will charge me interest on the unpaid balance at [%] per year.
9. RIGHT OF OFFSET
If this loan becomes past due, the Lender will have the right to pay this laon from any deposit or security Borrower have with this Lender without notice to me. If the Lender gives me an extension of time to pay this loan, Borrower still must repay the entire loan.
10. COLLECTION FEES
If this note is placed with an attorney for collection, then Borrower agree to pay an attorney's fee of [%] of the unpaid balance. This fee will be added to the unpaid balance of the loan.
11. CO-BORROWERS
If Borrower is signing this Agreement as a co-borrower, Borrower agrees to be equally responsible with the Borrower for this loan.
WITNESS WHEROF, Company and Employee have executed this Agreement as of the date first set forth above.
LENDER

 
BORROWER

 
Stephen Cochran
President
Bruce Jacobs
President



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