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Loan Agreement

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LOAN AGREEMENT


This Loan Agreement (the "Agreement) is entered into as of ________ by and between ________ (the "Borrower"), having its principal address located at ________, and ________ (the "Lender"), having its principal address located at ________, both of whom agree to be bound by this Agreement.

WHEREAS, the Borrower owes the Lender $________ (________ dollars) (the "Loan") with interest on the unpaid Loan at the rate of ________% per annum, on ________; and

WHEREAS, the Borrower and the Lender desire to enter into an agreement whereby the Borrower shall pay the Lender the sum of the Loan and interest on a payment plan according to the terms and conditions herein.

NOW, THEREFORE, in consideration of the mutual covenants and promises made by the parties here to, the Borrower and the Lender (individually, each a "Party" and collectively, the "Parties") covenant and agree as follows.


1. LOAN ACKNOWLEDGEMENT

The Borrower agrees and acknowledges that they owe the Lender an amount of money equal to the Loan as defined above. Nothing in this Agreement is a waiver of any other amounts owed and in the event of any breach of this Agreement by the Borrower, the Lender's rights to the Loan shall not be limited.


2. OWING PARTY REPRESENTATION AND WARRANTY

The Borrower hereby represents and warrants that this Agreement and the payment plan herein have been developed in a manner that the Borrower reasonably believes they can pay the Lender without further interruption notwithstanding an additional change in circumstances.


3. PAYMENT PLAN

The Parties hereby agree to the payment plan (the "Plan") described as follows:

By this Agreement, it is agreed that a payment in the amount of $________ (________ dollars) will be surrendered to the Lender annually on ________ of each year.

The Borrower will continue to make payments according to this schedule until the total Loan and accrued interest is repaid.


4. METHOD OF PAYMENT

Payments shall be made to the Lender in accordance with the Plan via Cash.

The Borrower will make payments using this method unless prior written approval from the Lender allows otherwise.


5. RELEASE AND INDEMNIFICATION

In consideration for agreeing to this Loan Agreement, the Borrower hereby releases any claims against the Lender related to the Loan as of the date of this Agreement. However, nothing in this Agreement is meant to release the Borrower from its obligation to pay the Loan according to the Plan herein or limit the rights of the Lender in collecting said Loan.


6. ASSIGNMENT

The Lender may assign this Agreement with written notice to the Borrower. In the event of such assignment, the assignee may designate a new method of payment if desired.


7. NO MODIFICATION UNLESS IN WRITING

No modification of this Agreement shall be valid unless in writing and agreed upon by both Parties.


8. APPLICABLE LAW

This Loan Agreement and the interpretation of its terms shall be governed by and construed in accordance with the laws of the State of Alabama and subject to the exclusive jurisdiction of the federal and state courts located in Alabama.


9. BAEAABCFEFFA

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IN WITNESS WHEREOF, each of the Parties as executed this Agreement, both Parties by its duly authorized officer, as of ________.



LENDER:




Signature of ________:


______________________________________________


BORROWER:



Signature of ________:


________________________________________________

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LOAN AGREEMENT


This Loan Agreement (the "Agreement) is entered into as of ________ by and between ________ (the "Borrower"), having its principal address located at ________, and ________ (the "Lender"), having its principal address located at ________, both of whom agree to be bound by this Agreement.

WHEREAS, the Borrower owes the Lender $________ (________ dollars) (the "Loan") with interest on the unpaid Loan at the rate of ________% per annum, on ________; and

WHEREAS, the Borrower and the Lender desire to enter into an agreement whereby the Borrower shall pay the Lender the sum of the Loan and interest on a payment plan according to the terms and conditions herein.

NOW, THEREFORE, in consideration of the mutual covenants and promises made by the parties here to, the Borrower and the Lender (individually, each a "Party" and collectively, the "Parties") covenant and agree as follows.


1. LOAN ACKNOWLEDGEMENT

The Borrower agrees and acknowledges that they owe the Lender an amount of money equal to the Loan as defined above. Nothing in this Agreement is a waiver of any other amounts owed and in the event of any breach of this Agreement by the Borrower, the Lender's rights to the Loan shall not be limited.


2. OWING PARTY REPRESENTATION AND WARRANTY

The Borrower hereby represents and warrants that this Agreement and the payment plan herein have been developed in a manner that the Borrower reasonably believes they can pay the Lender without further interruption notwithstanding an additional change in circumstances.


3. PAYMENT PLAN

The Parties hereby agree to the payment plan (the "Plan") described as follows:

By this Agreement, it is agreed that a payment in the amount of $________ (________ dollars) will be surrendered to the Lender annually on ________ of each year.

The Borrower will continue to make payments according to this schedule until the total Loan and accrued interest is repaid.


4. METHOD OF PAYMENT

Payments shall be made to the Lender in accordance with the Plan via Cash.

The Borrower will make payments using this method unless prior written approval from the Lender allows otherwise.


5. RELEASE AND INDEMNIFICATION

In consideration for agreeing to this Loan Agreement, the Borrower hereby releases any claims against the Lender related to the Loan as of the date of this Agreement. However, nothing in this Agreement is meant to release the Borrower from its obligation to pay the Loan according to the Plan herein or limit the rights of the Lender in collecting said Loan.


6. ASSIGNMENT

The Lender may assign this Agreement with written notice to the Borrower. In the event of such assignment, the assignee may designate a new method of payment if desired.


7. NO MODIFICATION UNLESS IN WRITING

No modification of this Agreement shall be valid unless in writing and agreed upon by both Parties.


8. APPLICABLE LAW

This Loan Agreement and the interpretation of its terms shall be governed by and construed in accordance with the laws of the State of Alabama and subject to the exclusive jurisdiction of the federal and state courts located in Alabama.


9. BAEAABCFEFFA

Fb faa aeabf cbp dfcefafcb cb fafa Bdfaaaabf fa aafb fc aa fbecffb, fffadcf, cf abbcfaacafa bcf cbp facacb, faab faa Bcfffaa cdfaa facf abaa dfcefafcb aacff aa baaaab fc aa affbaa cbb faa faacfbbaf cb faa Bdfaaaabf aacff aa abbcfaab ca fb faa affbaa dfcefafcb aafa baeaf fbafbbab fb faa Bdfaaaabf.

IN WITNESS WHEREOF, each of the Parties as executed this Agreement, both Parties by its duly authorized officer, as of ________.



LENDER:




Signature of ________:


______________________________________________


BORROWER:



Signature of ________:


________________________________________________