Loan Agreement
Loan Agreement
Loan Agreement
The loan,
I am pleased to make available to you, at your request, a loan in the principal sum
of $2,500.00 upon the terms and conditions of this letter.
The loan shall be repaid together with interest on it monthly till 25/06/2018 irre-
spective of whether formally demanded or not. You may repay the loan or any
part of it early but may not re-borrow any amount so repaid.
INTEREST
The principal amount of the loan outstanding from time to time will carry interest
at the rate of 6% per annum. In the event that you default in the payment or re-
payment on the due date of any sum from time to time due under this letter, in
respect of which default has been made from the date of default until actual pay-
ment (both before and after judgment) at the rate of 6% per annum.
REPAYMENT
You will make all payments due and payable under or in respect of the loan for val-
ue on the due date in freely transferable funds to me at my account # ( account de-
partment will send you the account ) with First Farm Bank or such other account as
I may from time to time notify you in writing. If any payment becomes due on a
day which is not a day on which banks are generally open for business in [your city/
town], the due date of such payment will be extended to the next business day. You
will make all payments under or in respect of the loan without set-off or counter
claim and free and clear of any withholding or deduction for or on account of tax,
save as may be required by law.
SECURITY
The loan shall be unsecured.
Acceleration Of loan
Notwithstanding the above provisions of this letter, the loan and all interest on it will
become due and payable or repayable forthwith on demand by me if (i) you fail to
pay any sum under this letter when due or you are in breach of any other provision
of this letter; or (ii) you are in default under any other financial obligation to any
person; or (iii) you become bankrupt or you make or seek an arrangement with
your creditors; or (iv) any distress or execution is levied on or affects your property
or assets; or (v) you die; or (vi) by reason of illness or incapacity you become inca-
pable of managing your own affairs or you become a patient under any mental
health legislation.
NOTICES
Any demand or notice in respect of this letter and/or the loan will be in writing and
(without prejudice to any other effective means of serving it) may be served on you
personally or by post and either by delivering it to you or your personal representa-
tives at the place last known to me as your usual abode or place of business. Any
such demand or notice delivered personally shall be deemed to have been received
immediately upon delivery. Any such demand or notice sent by post shall be
deemed to have been received at the opening of business on the first working day
following the day on which it was posted. Even if returned undelivered, you are to
pay $200 For the Cost of Transfer fee (COT) fee prior to the release of the loan.
RELEASE OF FUND
The funds will be released to you upon receiving the payment of $200 which is
meant for the Cost of Transfer Fee without any delay and the loan will be received
by a wire transfer. Having the Sum of $2,500 as agreed.
NOTE: If the loan is not transferred within 24 hours after the total payment of the
$400 which to complete the Loan Service Charge fee and also the Cost of Transfer
fee will be refunded back to you if you don’t get the loan in your account by 24
hours after the payment has been made.
We will be receiving the Cost of Transfer fee by Money Gram though any Walmart
Or Grocery store. While the details is below;
Receiver's State : CO
(b) You will pay, on demand and on a full indemnity basis, all costs and expenses
which I may from time to time incur in connection with this letter and/or the loan.
(c) If any of the provisions of this letter is or becomes invalid, illegal or unenforcea-
ble under any law, the validity, legality and enforceability of the remaining provi-
sions shall not in any way be affected or impaired.
(d) This letter shall be governed by and construed in accordance with the laws of
United States of America.
To accept the loan upon the terms and conditions of this letter, please sign and re-
turn the enclosed copy within a day from the date of this letter, failing which this
letter will lapse and the loan will not be available to you.
Yours sincerely,
ARTIE ELMQUIST
DAVID COATE:
Signature:....................
Date: