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LOAN AGREEMENT
Loan Amount _________________ Dollars ($____________)
Date ______________, 20____
I. THE PARTIES. For the above value received by _________________________ with a
mailing address of _______________________, City of _________________________,
State of ________________, (the “Borrower”), agrees to pay
_________________________ with a mailing address of _______________________, City
of _________________________, State of ________________, (the “Lender”).
II. PAYMENT. This agreement, (the “Note”), shall be due and payable, including the
principal and any accrued interest, in one of the following ways:
☐ Once per week beginning on ______________, 20____ and to continue every
seven (7) days until the balance is paid.
☐ Once per month beginning on ______________, 20____ and payment is due on
the ___ of every month until the balance is paid.
☐ Other:
_________________________________________________________________
All payments made by the Borrower are to be applied first (1st) to any accrued interest and
then to the principal balance. The total amount of the loan shall be due and payable on the
____ day of ________________, 20____.
III. INTEREST. The Note shall
☐ - 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. PREPAYMENT. The Borrower has the right to pay back the loan in-full or make
additional payments at any time without penalty.
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V. REMEDIES. No delay or omission on part of the holder of this Note 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, suc