- 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
- 1.1 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];
WHEREFORE the parties have agreed to settle the action under the above case number on the following terms:
- The Defendant agrees to pay the Plaintiff the sum of R[insert amount] ([insert amount in words]) as follows:
- 1.1 R[insert amount] [(insert amount in words)] on or before [insert date];
- 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;
- 1.3 the Defendant will be liable for interest at the rate of [insert interest rate]% from [insert date] to date of final payment.