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I am loaning some money from a family member and I have been asked to sign an agreement and I will of course be paying back the loan but wanted to please check does this agreement seem ok please?
Please see below the agreement
The ("Lender")
OF THE FIRST PART
AND
OF THE SECOND PART
IN CONSIDIDERATION OF the lender loaning certain monies (the "Loan") to the Borrower, and
the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfil the
promises and conditions set out in the Agreement:
L o a n A m o u n t a n d I n t e r e s t
1. The Lender promises to loan xxxxxx GBP to the Borrower and the Borrower
promises to repay the principal amount to the Lender, without interest payable on the
unpaid principal
P a y m e n t
2. This Loan will be repaid in full by 2025.
DEFAULT
3. Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in
the performance of any part under this agreement, then the Lender may declare the
principal a m o u n t owing u n d e r this a g r e e m e n t .
4. If the Borrower defaults in payment as required under this Agreement or after (10) days,
the Security immediately provided to the Lender and the Lender is granted all rights of
repossession as a secured party.
SECURITY
5. This Loan is secured by the following security (the "Security")
Any Property owned by Borrower (“xxxxxxx”)
6. The Borrower shall be liable for all costs, expenses and expenditures incurred including,
without limitation, the complete legal cost of the lender incurred by the enforcing this
agreement a result of any default the borrower and shall be due and payable by the
borrower to the lender immediately upon demand of the lender.
GOVENING LAW
7. This Agreement will be construed in accordance with and governed by the laws of
C o u n t r y of England.
COST
8. Al cost, expenses and expenditures including, without limitation, the complete legal
cost incurred by enforcing the Agreement as a result of any default by the Borrower, will
be added to the principal then outstanding and will be paid by the Borrower.
BINDING EFFECT
9. This Agreement will pass to the benefit of and be binding upon the respective heirs,
executors, administrator, successors, legal representatives and permitted assigns of the
Borrower and Lender. The Borrower waives presentment for payment, notice of non-
payment and notice of protest.
AMENDMENTS
10. This Agreement may only be amended or modified by a written instrument by both the
B o r r o w e r a n d L e n d e r .
SEVERABILITY
11. The clauses and paragraphs contained in the Agreement are intended to be read and
construed independently of each other. If any term, covenant, condition or provision of
the Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, it is the parties intent that such provision be reduced in scope by the
court only to the extent deemed necessary by that court to render the provision
reasonable and enforceable and the remainder of this Agreement will in no way be
affected, impaired or invalidated as a result.
G E N E R A L P R O V I S I O N S
12. Heading are inserted for the convenience of the parties only and are not to be
considered when interpreting this Agreement words in singular mean and include the
plural and vice versa. Words in the masculine mean and include the feminine and vice
versa.
ENTTIRE AGREEMENT
13. This agreement constitutes the entire agreement between the paries and there are no further items or provisions, either oral otherwise.
Please see below the agreement
The ("Lender")
OF THE FIRST PART
AND
OF THE SECOND PART
IN CONSIDIDERATION OF the lender loaning certain monies (the "Loan") to the Borrower, and
the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfil the
promises and conditions set out in the Agreement:
L o a n A m o u n t a n d I n t e r e s t
1. The Lender promises to loan xxxxxx GBP to the Borrower and the Borrower
promises to repay the principal amount to the Lender, without interest payable on the
unpaid principal
P a y m e n t
2. This Loan will be repaid in full by 2025.
DEFAULT
3. Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in
the performance of any part under this agreement, then the Lender may declare the
principal a m o u n t owing u n d e r this a g r e e m e n t .
4. If the Borrower defaults in payment as required under this Agreement or after (10) days,
the Security immediately provided to the Lender and the Lender is granted all rights of
repossession as a secured party.
SECURITY
5. This Loan is secured by the following security (the "Security")
Any Property owned by Borrower (“xxxxxxx”)
6. The Borrower shall be liable for all costs, expenses and expenditures incurred including,
without limitation, the complete legal cost of the lender incurred by the enforcing this
agreement a result of any default the borrower and shall be due and payable by the
borrower to the lender immediately upon demand of the lender.
GOVENING LAW
7. This Agreement will be construed in accordance with and governed by the laws of
C o u n t r y of England.
COST
8. Al cost, expenses and expenditures including, without limitation, the complete legal
cost incurred by enforcing the Agreement as a result of any default by the Borrower, will
be added to the principal then outstanding and will be paid by the Borrower.
BINDING EFFECT
9. This Agreement will pass to the benefit of and be binding upon the respective heirs,
executors, administrator, successors, legal representatives and permitted assigns of the
Borrower and Lender. The Borrower waives presentment for payment, notice of non-
payment and notice of protest.
AMENDMENTS
10. This Agreement may only be amended or modified by a written instrument by both the
B o r r o w e r a n d L e n d e r .
SEVERABILITY
11. The clauses and paragraphs contained in the Agreement are intended to be read and
construed independently of each other. If any term, covenant, condition or provision of
the Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, it is the parties intent that such provision be reduced in scope by the
court only to the extent deemed necessary by that court to render the provision
reasonable and enforceable and the remainder of this Agreement will in no way be
affected, impaired or invalidated as a result.
G E N E R A L P R O V I S I O N S
12. Heading are inserted for the convenience of the parties only and are not to be
considered when interpreting this Agreement words in singular mean and include the
plural and vice versa. Words in the masculine mean and include the feminine and vice
versa.
ENTTIRE AGREEMENT
13. This agreement constitutes the entire agreement between the paries and there are no further items or provisions, either oral otherwise.
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