Fillable PERSONAL LOAN AGREEMENT

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PERSONAL LOAN AGREEMENT

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File type: PDF

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PERSONAL LOAN AGREEMENT
I. THE PARTIES. This Personal Loan Agreement (“Agreement”) made
_____________________, 20____ is by and between:
Borrower: _____________________, with a Street Address of _____________________, City
of _____________________, State of _____________________, Zip Code of
_____________________, (“Borrower”) and agrees to pay:
Lender: _____________________, with a Street Address of _____________________, City of
_____________________, State of _____________________, Zip Code of
_____________________, (“Lender”).
HEREINAFTER, the Borrower and Lender (“Parties”) agree to the following:
II. LOAN AMOUNT. $_____________________ (“Loan Amount”).
III. INTEREST. The Loan Amount shall: (check one)
☐ - 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.
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)
☐ - Weekly payment of $_____________________ beginning on _____________________,
20____ and to be paid every seven (7) days until the balance is paid ending on
_____________________, 20____.
☐ - Monthly payment of $_____________________ beginning on _____________________,
20____ and to be paid on the ___ of every month until the balance is paid ending on
_____________________, 20____.
☐ - Lump sum of $_____________________ to be paid on _____________________, 20____.
☐ - Other: __________________________________________________________________.
All payments made by the Borrower are to be applied first to any accrued interest and then to
the principal balance.
V. PAYMENT INSTRUCTIONS. The Borrower shall make payment to the Lender in under the
following instructions: __________________________________________________________.
VI. LATE FEE. If any payment is ____ day(s) late, the Lender shall: (check one)
☐ - Charge a late fee of ________________________________________________________.
☐ - Shall not charge a late.
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VII. SECURITY: The Loan Amount under this Agreement shall be: (check one)
☐ - UNSECURED. There shall be NO SECURITY provided in this Agreement.
☐ - SECURED. There shall be property described as: ________________________________
___________________________________________________________________ (“Security”)
that shall transfer to the possession and ownership of the Lender IMMEDIATELY pursuant to
Section X(a) of this Agreement.
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.
VIII. PREPAYMENT. The Borrower has the right to pay back the loan in-full or make additional
payments, at any time, without penalty.
IX. REMEDIES. No delay or omission on part of the holder of this Agreement 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.
X. 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.
XI. ACCELERATION. Upon the occurrence of an Event of Acceleration under this Agreement,
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 all monies under this Agreement immediately
due and payable.
a.) This includes any rights of possession in relation to the Security described in
Section VII.
XII. SUBORDINATION. The Borrower’s obligations under this Agreement 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 Agreement and such subordination is required
under the loan documents providing for such indebtedness.
XIII. WAIVER BY BORROWER. All parties to this Agreement, including the Borrower and any
sureties, endorsers, and guarantors hereby waive protest, presentment, notice of dishonor, 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 Agreement notwithstanding any change or
changes by way of release, surrender, exchange, modification or substitution of any security for
Page 3 of 3
this Agreement 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.
XIV. SUCCESSORS. This Agreement is a promise of the Borrower and shall bind themselves
including the 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 Agreement.
XV. GOVERNING LAW. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of ___________________ (“Governing Law”).
XVI. EXPENSES. In the event any payment under this Agreement is not paid when due, the
Borrower agrees to pay the Lender, in addition to the principal and interest hereunder,
reasonable attorneys' fees if the Lender must hire legal counsel to assist in retrieving the
Borrower’s outstanding balance. Said attorneys’ fees shall accumulate interest starting from the
date paid. Said interest rate shall not equal the maximum usury rate in the State of Governing
Law. The Borrower may be reasonable for any other reasonable expenses incurred by Lender
in exercising any of their rights and remedies upon default.
XVII. ADDITIONAL TERMS & CONDITIONS. _______________________________________
____________________________________________________________________________
____________________________________________________________________________
XVIII. 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.
Borrower’s Signature: ___________________________ Date: ____________________
Print: ____________________
Lender’s Signature: ___________________________ Date: ____________________
Print: ____________________
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PERSONAL LOAN AGREEMENT

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Completed 13 October 2020

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