THIS LOAN AGREEMENT (the "Agreement") is entered into on this, ______________ _____, ________.
BY AND BETWEEN:
For and in consideration of the covenants and obligations contained herein the Lender and Borrowers do hereby agree as follows:
The Borrowers promises to pay to the Lender the sum of $ (the "Principal").
Replayment of this Agreement shall begin , . Payments shall be made in the lawful currency of the United States and shall be for the amount of $ .
Payments will be delivered to the Lender address or such other address as may later be agreed upon by the parties.
Should the Borrowers default in payment, the Borrowers shall pay all costs, expenses and all reasonable legal costs incurred by the Lender, for the purpose of collection of this Agreement and including reasonable collection charges should collection be referred to a collection agency. These costs will be added to the outstanding principal and will become immediately due.
Any amendment or modification of this Agreement or additional obligation assumed by either party in connection with this Agreement will only be binding if evidenced in writing signed by both parties.
- BINDING EFFECT
Except as otherwise provided in this Agreement, all of the covenants, conditions, and provisions of this Agreement shall apply to and bind the parties and the heirs, personal representatives, successors, and assigns of the parties.
- BREACH OF AGREEMENT
The parties acknowledge that no breach of any provision of the Agreement shall be deemed waived unless evidenced in writing. A waiver of one breach shall not be deemed a waiver of any other breach of the same or any Provision of the Agreement.
- GOVERNING LAW
This Agreement shall be governed and construed in accordance with the laws of the State of .
- HEADINGS AND INTERPRETATION
Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. In interpreting the language of this Agreement, the Landlord and Tenant will be treated as having drafted this Agreement after meaningful negotiations. The language in this Agreement will be construed as to its fair meaning and not strictly for or against either Party.
The parties hereby indicate by their signatures below that they have read and agree with the terms and conditions of this Agreement in its entirety.
______________ _____, ________.