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Date 6/29/2018
This is a Loan agreement between the two individuals mentioned below in the parties section of the agreement.
I. Parties of agreement
- Parker McLean with a mailing address of 9876 Fusce Rd, City of Frederick, State of Nebraska, (the "Borrower")
- Dylan Williams with a mailing address of 6789 May Street, City of Winchester, State of Kentucky (the "Lender")
II. Amount
The loan amount given by lender to borrower is six hundred twenty-three thousand four hundred sixty-three Dollars ($623,463.00) ("The Note")
III. Interest
The Note shall bear interest five percent (5%) compounded annually.
IV. Payment
The amount mentioned in this agreement (the "Note"), including the principal and any accrued interest, is
V. Payment Terms
Any delay in payment is subject to a fine with a flat amount of $50 for every week the payment is delayed.
All payments made by the Borrower shall be go into settling the the accrued interest and any late fess and then into the payment of the principal amount.
VI. Prepayment
The borrower is able to pay back the Note in full at any time, thus terminating this agreement.
The borrower also can make additional payments at any time and this will take of from the amount of the latest installments.
VII. Acceleration.
In case of Borrower's failure to pay any part of the principal or interest as and when due under this Note; or Borrower's becoming insolvent or not paying its debts as they become due. The lender has the right to declare an "Event of Acceleration" in which case the Lender has the right to to declare this Note immediately due and payable
IX. Succession
This Note shall outlive the borrower and/or the lender in the even of their death. This note shall be binging to any of their successors.
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