LOAN AGREEMENT
$50,000.00 Date: May 16, 2021
For value received, the undersigned MY NEW LLC (the "Borrower"), at
_________________, _________________, _________________ _________________, promises
to pay to the order of FINCIAL SOLUTIONS INC (the "Lender"), at _________________,
_________________, _________________ _________________ (or at such other place as
the Lender may designate in writing), the sum of $50,000.00 with interest from
_________________, on the unpaid principal at the rate of 4% per annum.
I. TERMS OF REPAYMENT
A. Payments
Unpaid principal after the Due Date shown below shall accrue interest at a rate of
6% annually until paid.
The unpaid principal and accrued interest shall be payable in monthly installments
of $1,476.20, beginning on _________________, and continuing until _________________,
(the "Due Date"), at which time the remaining unpaid principal and interest shall be
due in full.
B. Application of Payments
All payments on this Note shall be applied first in payment of accrued interest and
any remainder in payment of principal.
C. Late Fee
The Borrower promises to pay a late charge of $500.00 for each installment that
remains unpaid more than fifteen day(s) after its Due Date. This late charge shall
be paid as liquidated damages in lieu of actual damages, and not as a penalty.
Payment of such late charge shall, under no circumstances, be construed to cure
any default arising from or relating to such late payment.
D. Acceleration of Debt
If any payment obligation under this Note is not paid when due, the remaining
unpaid principal balance and any accrued interest shall become due immediately at
the option of the Lender.
II. SECURITY
This Note shall be secured by a Mortgage Deed to real property commonly known
as _________________, _________________, _________________ _________________. The
Lender is not required to rely on the above security instrument and the assets
secured therein for the payment of this Note in the case of default, but may
proceed directly against the Borrower.
III. PREPAYMENT
The Borrower reserves the right to prepay this Note (in whole or in part) prior to the
Due Date with no prepayment penalty. Any such prepayment shall be applied
against the installments of principal due under this note in the inverse order of their
maturity and shall be accompanied by payment of accrued interest on the amount
prepaid to the date of prepayment.
IV. COLLECTION COSTS
If any payment obligation under this Note is not paid when due, the Borrower
promises to pay all costs of collection, including reasonable attorney fees, whether
or not a lawsuit is commenced as part of the collection process.
V. DEFAULT
If any of the following events of default occur, this Note and any other obligations
of the Borrower to the Lender, shall become due immediately, without demand or
notice:
1) the failure of the Borrower to pay the principal and any accrued interest when
due;
2) the liquidation, dissolution, incompetency or death of the Borrower;
3) the filing of bankruptcy proceedings involving the Borrower as a debtor;
4) the application for the appointment of a receiver for the Borrower;
5) the making of a general assignment for the benefit of the Borrower's
creditors;
6) the insolvency of the Borrower;
7) a misrepresentation by the Borrower to the Lender for the purpose of
obtaining or extending credit; or
8) the sale of a material portion of the business or assets of the Borrower.
In addition, the Borrower shall be in default if there is a sale, transfer, assignment,
or any other disposition of any real estate pledged as collateral for the payment of
this Note, or if there is a default in any security agreement which secures this Note.
VI. SEVERABILITY OF PROVISIONS
If any one or more of the provisions of this Note are determined to be
unenforceable, in whole or in part, for any reason, the remaining provisions shall
remain fully operative.
VII. MISCELLANEOUS
All payments of principal and interest on this Note shall be paid in the legal
currency of the United States. The Borrower waives presentment for payment,
protest, and notice of protest and demand of this Note.
No delay in enforcing any right of the Lender under this Note, or assignment by
Lender of this Note, or failure to accelerate the debt evidenced hereby by reason of
default in the payment of a monthly installment or the acceptance of a past-due
installment shall be construed as a waiver of the right of Lender to thereafter insist
upon strict compliance with the terms of this Note without notice being given to
Borrower. All rights of the Lender under this Note are cumulative and may be
exercised concurrently or consecutively at the Lender's option.
This note may not be amended without the written approval of the holder.
VIII. GOVERNING LAW
This Note shall be construed in accordance with the laws of the State of New York.
IX. GUARANTY
_________________ unconditionally guarantees all the obligations of the Borrower
under this Note and agrees that any modifications of the terms of payment or
extension of time of payment shall in no way impair its guarantee, and expressly
agrees its guarantee of any modifications or extensions of this Note.
X. SIGNATURES
This Note shall be signed by _________________, on behalf of MY NEW LLC and
_________________, on behalf of FINCIAL SOLUTIONS INC. This Note shall also be co
-signed by JOE COSIGNER.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, this Agreement has been executed and delivered in the
manner prescribed by law as of the date first written above.
Signed this _____ day of _______________, _____, at ___________________________,
_________________________ .
Borrower:
MY NEW LLC
By: ___________________________________ Date: __________________
_________________
Lender:
FINCIAL SOLUTIONS INC
By: ___________________________________ Date: __________________
_________________
JOE COSIGNER:
By: ___________________________________ Date: __________________
JOE COSIGNER
ASSIGNMENT
[ONLY COMPLETE THE FOLLOWING INFORMATION TO ASSIGN PAYMENTS TO A
NEW PARTY.]
For value received, the above Note is assigned and transferred to
____________________________________________, ("Assignee") of
_________________________,_________________________,
(City)(State/province)
________________________.
(Country)
Dated: _________________________
By:____________________________________________________
_________________
DO NOT DESTROY THIS NOTE
WHEN PAID this original Note together with the Mortgage Deed securing the same,
must be surrendered to the Borrower for cancellation and retention before any
reconveyance can be processed.
