• The Borrower requires a loan facility for a maximum amount equal to the Loan Amount.
  • The Lender is willing to lend the Loan Amount to the Borrower upon the terms and conditions set out in this Agreement.

It is agreed

1             Definitions and interpretation

  • 1.1 In this Agreement, unless the context requires otherwise:
    • 1.1.1 Agreement means this Loan Agreement;
    • 1.1.2 Borrower means [insert name];
    • 1.1.3 Lender means [insert name];
    • 1.1.4 Building Contract means the written agreement entitled [insert name of contract] [entered into OR to be entered into] between the Borrower and [insert name of Contractor] on or about [insert date];

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WHEREFORE the parties have agreed to settle the action under the above case number on the following terms:

  1. The Defendant agrees to pay the Plaintiff the sum of R[insert amount] ([insert amount in words]) as follows:
    1. 1.1     R[insert amount] [(insert amount in words)] on or before [insert date];
    2. 1.2     thereafter R [insert amount] per month on or before [insert date], and thereafter on the [insert day], day of each and every succeeding month, until the entire claim, interest and legal costs have been settled in full;
    3. 1.3 the Defendant will be liable for interest at the rate of [insert interest rate]% from [insert date] to date of final payment.

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