Personal Loan Agreement
Personal Loan Agreement
Personal Loan Agreement
IV. PAYMENT. The Loan Amount shall be due and payable, including the principal and any
accrued interest, under the following re-payment plan: (check one)
V. PAYMENT INSTRUCTIONS. The Borrower shall make payment to the Lender in under the
following instructions: __________________________________________________________.
VI. SECURITY: The Loan Amount under this Agreement shall be: (check one)
The Security may not be sold or transferred without the Lender’s consent until the Due Date. If
Borrower breaches this provision, Lender may declare all sums due under this Agreement
immediately due and payable, unless prohibited by applicable law. The Lender shall have the
sole-option to accept the Security as full-payment for the Borrowed Money without further
liabilities or obligations. If the market value of the Security does not exceed the Borrowed
Money, the Borrower shall remain liable for the balance due while accruing interest at the
maximum rate allowed by law.
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VII. PREPAYMENT. The Borrower has the right to pay back the loan in-full or make additional
payments, at any time, without penalty.
VIII. EVENTS OF ACCELERATION. The occurrence of any of the following shall constitute an
"Event of Acceleration" by the Lender under this Agreement:
a.) Borrower’s failure to pay any part of the principal or interest as and when due under this
Agreement; or
b.) Borrower’s becoming insolvent or not paying its debts as they become due.
a.) This includes any rights of possession in relation to the Security described in
Section VII.
XI. ENTIRE AGREEMENT. This Agreement contains all the terms agreed to by the Borrower
and Lender relating to its subject matter including any attachments or addendums. This
Agreement replaces all previous discussions, understandings, and oral agreements.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the undersigned
dates written below.
Print: ____________________
Print: ____________________
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