Bank Loan
Agreement
_____________________________,
referred to as BORROWER, and _____________________________, referred to as
BANK, agree:
That
the BANK shall lend sums of money to the BORROWER from time to time, including:
Principal
amount: $____(_____________________________&___/100 dollars)
The
initial rate for the loan shall be _____%
The
interest rate shall be adjusted every _______ from the closing date of the loan
The
first adjustment shall take place on _______________
The
overall maximum rate for the loan shall be _____%
The
rate on the loan shall not be less than ____%
The
reference rate used for adjustment shall be ____
The
advance made herein shall be evidenced by a promissory note.
The
following will be the terms of repayment:
The
note shall be due, in full, on ___________________.
BORROWER
assigns to BANK any and all deposits with BANK as additional collateral to
BANK. Upon default, BANK shall be entitled to set off the deposits in
satisfaction of any sum due to BANK by the BORROWER.
The
BORROWER shall not use the proceeds of this loan for household, personal or
family obligations.
The
BORROWER represents that the loan proceeds will be used for business purposes.
The
BORROWER shall maintain a life insurance policy in the following amounts
related to the following individuals:
Individuals:
________________________
Amounts:
The principal and interest balance then outstanding on the loan.
The
BORROWER shall not be required to obtain the same through BANK and may assign
policies from insurers licensed to offer life insurance in the State of
___________.
The
extension of credit made herein shall be secured by a lien on the following
property:
_______________________________________________________________
and
BORROWER shall execute such financing statements and security interests as BANK
may reasonably require from time to time to perfect its security interest.
Dated:
____________________________
_________________________________________________
Borrower
________________________________________________
Bank
Free Download Link: Bank Loan Agreement
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