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Debt Agreement - DOC
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					                                        Debt Agreement

Agreement made on the (date), between (Name of Debtor) of (street address, city, state, zip
code), referred to herein as Debtor, and (Name of Lender), of (street address, city, state, zip
code), referred to herein as Lender.

Whereas, the Lender loaned to Borrower the sum of $ _______ on the (date); and

Whereas, Lender and Borrower agree that the Loan is a debt owed by the Borrower and will be
paid to the Lender;

Now, therefore, for and in consideration of the said Loan, the mutual covenants contained in
this Agreement, and other good and valuable consideration, the parties agree as follows:

1.     Interest shall accumulate on the unpaid balance of the loan at a rate of _____% APR
and compounded monthly. All interest that accumulates will be added to the balance of the
unpaid loan.

2.      The Borrower will make payments to the Lender on the _____ day of each month and
individual payments may not be anything less than $___________

3.      If a payment is past due, a penalty of $__________will be added to the unpaid balance
of the loan.

4.     If a check written by Borrower “bounces” a charge of $_________shall be added to the
unpaid balance of the loan, and all futur
				
DOCUMENT INFO
Description: A debt contract is an agreement in which the debtor agrees to repay funds to a lender. For example, in a mortgage transaction, he may agree to make monthly payments to the bank. In a short-term debt contract, he must repay the loan within 12 months. The maturity of a long-term debt contract exceeds a year. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),