Family Loan Agreement
Family Loan Agreement
Family Loan Agreement
II. LOAN AMOUNT. The total amount of money being borrowed from the Lender to
the Borrower is $_____________________ (“Borrowed Money”).
IV. TERM. The total amount of the Borrowed Money, including principal and interest,
shall be due and payable on _____________________, 20____ (“Due Date”).
V. PAYMENTS. The Borrower agrees to repay the Borrowed Money to the Lender
under the following payment schedule: (check one)
☐ - Lump Sum. The Borrower agrees to repay the Lender, in full, on the
Due Date.
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☐ - Other. __________________________________________.
VI. LATE PAYMENT. If the Borrower is late by more than ____ days for any
payment due, it shall be considered late. If a payment is late, the Borrower shall
be: (check one)
☐ - Charged a Late Fee. The Borrower shall be charged a late fee equal to:
______________________________________________________________
☐ - Not Charged a Late Fee. The Borrower shall not be charged a late fee.
VII. SECURITY. As part of this Agreement, the Borrower agrees to: (check one)
In the event the Borrower defaults under this Agreement, the Lender shall
obtain possession of the Collateral: (check one)
☐ - In its entirety and without discount to the amount owed.
☐ - Equal to the amount owed of which a sale may be required.
VIII. ACCELERATION. The Lender shall have the right to declare the Borrowed
Money to be immediately due and payable, including interest owed, if any of the
events are to occur:
a. Late Payment. If any payment is late that is due under the Payment
Schedule of more than 15 days;
b. Default. If the Borrower should default on any of the conditions of this
Agreement; or
c. Security. If assets or property that are pledged as Security as part of this
Agreement are transferred or sold.
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X. GOVERNING LAW. This Agreement shall be construed and governed by the
laws located in the state of _____________________ (“Governing Law”).
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GUARANTOR ADDENDUM
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