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LOAN AGREEMENT
Full legal name of _______. Registered address of _______.
Full legal name of _______. Residential/Business address of _______.
Description of services to be provided _______.
Service start date _______ and service end date (if applicable) _______.
Total service fee _______. Payment terms (e.g., advance, monthly, upon completion) _______.
Governing law/state _______.
RECITALS
WHEREAS, the Borrower (as hereinafter defined) desires to borrow a specific sum of money from the Lender (as hereinafter defined), and the Lender is willing to lend such sum to the Borrower, subject to the terms and conditions set forth in this Agreement.
WHEREAS, the Parties have agreed that this Agreement and all rights and obligations hereunder shall be governed, construed, and enforced in accordance with the laws of the State of _______, without regard to its conflict of laws principles.
WHEREAS, the loan is being made for a specific, designated purpose as described herein, and the use of the loan proceeds is a material term of this Agreement.
WHEREAS, the Borrower has represented to the Lender that the proceeds of the Loan (as defined herein) shall be used exclusively for the following purpose: _______.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
ARTICLE 1
DEFINITIONS AND INTERPRETATION
1.1 Definitions
In this Agreement, unless the context otherwise requires, the following capitalized terms shall have the meanings ascribed to them below:
"Agreement" means this Loan Agreement, including all Schedules and Exhibits attached hereto, as may be amended, modified, or supplemented from time to time in accordance with its terms.
"Borrower" means _______.
"Business Day" means any day other than a Saturday, Sunday, or a public holiday in the State of _______ on which banking institutions are authorized or required by law to close.
"Collateral" has the meaning set forth in Article 3 of this Agreement.
"Lender" means _______.
"Loan" means the principal sum of money lent by the Lender to the Borrower pursuant to Article 2 of this Agreement.
"Maturity Date" means _______, the date upon which all outstanding Principal, accrued Interest, and any other amounts due under this Agreement must be paid in full.
"Obligations" means all of the Borrower's debts, liabilities, and obligations to the Lender under this Agreement, including the repayment of the Principal Amount, all accrued and unpaid interest, and any other fees, costs, or expenses.
1.2 Interpretation
In this Agreement, unless the context otherwise requires: (a) the headings are for convenience of reference only and shall not affect the interpretation of this Agreement; (b) the singular includes the plural and vice versa; (c) a reference to any party includes that party's successors and permitted assigns; (d) the term "including" means "including, without limitation"; and (e) references to Articles or Sections are to Articles or Sections of this Agreement.
ARTICLE 2
THE LOAN
2.1 Loan Amount and Disbursement
Subject to the terms and conditions of this Agreement, on the Loan Date of _______, the Lender agrees to lend to the Borrower, and the Borrower agrees to borrow from the Lender, the principal sum of _______ (_______ United States Dollars) (the "Principal Amount"). The Lender shall disburse the Principal Amount to the Borrower in immediately available funds.
ARTICLE 3
SECURITY
3.1 Grant of Security Interest
To secure the prompt and complete payment and performance of all Obligations, the Borrower hereby irrevocably grants, pledges, and assigns to the Lender a first-priority, continuing security interest in and lien upon all of the Borrower's right, title, and interest in and to the following property, whether now owned or hereafter acquired (collectively, the "Collateral"):
_______
The security interest granted herein shall extend to all parts, accessories, attachments, accessions, replacements, substitutions, and proceeds (including insurance proceeds) of the Collateral.
A more detailed inventory and description of the Collateral is set forth in Exhibit A (Collateral Schedule), which is attached hereto and incorporated herein by this reference. The Borrower represents and warrants that the information in Exhibit A is true, accurate, and complete.
The Parties expressly acknowledge and agree that the Loan is unsecured. The Borrower is not required to provide any collateral to secure the repayment of the Loan or the performance of any other Obligations under this Agreement. The Lender is relying solely upon the Borrower's creditworthiness and promise to repay.
3.2 Perfection of Security Interest
The Borrower authorizes the Lender to file one or more financing statements under the Uniform Commercial Code (UCC) in any and all applicable jurisdictions, describing the Collateral, to perfect and maintain the priority of the Lender's security interest. The Borrower agrees to execute and deliver to the Lender any and all documents and instruments, and to take all other actions, that the Lender may reasonably request to perfect, protect, and continue the Lender's security interest in the Collateral.
3.3 Borrower's Covenants, Representations, and Warranties Regarding Collateral
The Borrower represents, warrants, and covenants to the Lender that: (a) the Borrower is the sole, legal, and beneficial owner of the Collateral, with good and marketable title thereto, free and clear of all liens, claims, security interests, and encumbrances, other than the security interest granted herein; (b) the Borrower will not sell, assign, lease, transfer, or otherwise dispose of the Collateral without the prior written consent of the Lender; (c) the Borrower will keep the Collateral in good order, condition, and repair, and will not use it for any unlawful purpose; (d) the Borrower will promptly pay all taxes, assessments, and other governmental charges levied upon the Collateral; and (e) the Borrower will maintain adequate insurance on the Collateral against loss or damage, with the Lender named as a loss payee and additional insured, in amounts and with insurers acceptable to the Lender.
__________________
SIGNATURES
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
SERVIDE PROVIDER:
Full Legal Name: _______
Registered address of Servide Provider: _______
Signature: ___________________________ Date: ___________________________
CLIENT:
Full Legal Name: _______
Residential/Business address: _______
Signature: ___________________________ Date: ___________________________
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