Maryland Loan Agreement Template
This Loan Agreement ("Agreement") is entered into on this ______ day of ____________, 20__, (the "Effective Date") by and between _________________ ("Lender") with a mailing address of _________________, and _________________ ("Borrower") with a mailing address of _________________. Both parties agree to be bound by the terms of this Agreement applicable under the laws of the State of Maryland.
WHEREAS, the Borrower wishes to borrow a certain amount of money and the Lender agrees to lend that money under the conditions set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows:
- Loan Amount and Terms: The Lender agrees to loan the sum of $__________ (the "Loan Amount") to the Borrower. This loan will be subject to an annual interest rate of ___%, accruing daily, starting on the Effective Date.
- Repayment Schedule: The Borrower agrees to repay the Loan Amount, along with any accrued interest, in ____ consecutive, monthly payments of $________, starting on __________.
- Prepayment: The Borrower may prepay the loan at any time without penalty.
- Late Payments: If any monthly payment is more than 15 days late, a late fee of $________ shall be applied.
- Default and Remedies: In the event of default, the Lender has the right to demand immediate repayment of the full loan balance. If the Borrower fails to repay upon demand, legal action may be taken in accordance with the laws of the State of Maryland.
- Governing Law: This Agreement shall be governed by, and construed in accordance with, the laws of the State of Maryland.
- Severability: If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions will remain in full effect.
- Amendment: This Agreement can only be amended in writing, signed by both parties.
- Notices: All notices under this Agreement shall be sent to the addresses provided at the beginning of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date first above written.
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Lender Signature
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Borrow severity