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Secured Lending Agreement

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Secured Lending Agreement Powered By Docstoc
					This Secured Lending Agreement is made between a lender and a borrower whereby
the lender loans a sum of money to the borrower on a secured basis. In order to
provide security for the repayment of the loan, the borrower gives the lender a
promissory note that can be attached under “Schedule A” of this document.
Additionally, this document can be customized to provide for the property the borrower
pledges as collateral for the repayment of the loan. This document can be used by
individuals or small businesses to record the terms and obligations of a secured loan.
                          SECURED LENDING AGREEMENT
 [Note: This secured lending agreement contemplates fixed payments at regular intervals.
     If Parties intend to enter into an agreement with variable interest rates or balloon
 payments, this document will need to be customized to reflect same. Further, the parties
  should review carefully the Note to be executed as . If such Note is to be recorded, same
                               will need to be reflected herein.]


      THIS SECURED LENDING AGREEMENT (the “Agreement”), made this ____ day
of _______________, 2_____, [Instruction: Insert Agreement date.] by and between
________________ [Instruction and Comment: Insert proper Lender name; care should be
taken to ensure proper legal name used to ensure enforceability of Agreement.] (the
“Lender”) and __________________ [Instruction and Comment: Insert proper Borrower
name; care should be taken to ensure proper legal name used to ensure enforceability of
Agreement.] (the “Borrower”).

       WHEREAS, the Borrower is desirous to borrow the principal sum of ______________
($______________) [Instruction: Insert written amount to be borrowed, followed by
numerical amount in parentheses.] United States Dollars pursuant to certain terms and
conditions to be entered into hereunder (the “Loan”) from the Lender;

       AND WHEREAS, the Lender is desirous to lend the Principal Sum (as defined herein) of
the Loan to the Borrower pursuant to the terms and conditions contained herein.

         NOW THEREFORE in consideration of the mutual promises and agreements contained
in this agreement, and other good and valuable consideration, the parties agree as follows:

    1. TERMS OF LOAN

         A.     Upon execution of this Agreement, the Lender shall lend the principal sum of
         ________________ ($____________) [Instruction: Insert written amount to be
         borrowed, followed by numerical amount in parentheses.] United States Dollars (the
         “Principal Sum”) to the Borrower. The Lender shall advance the Principal Sum to the
         Borrower by way of cash, certified check, wire transfer or direct deposit to the
         Borrower’s bank account at Lender’s option. Borrower shall pay any and all fees
         associated with any deposit of a wire transfer or direct deposit, if any, whether or not
         such charge is against Lender or Borrower. [Option: The previous payment obligation
         can be changed to have each party pay their own charges.]

         B.     Interest shall be payable on the unpaid balance of the Principal Sum by the
         Borrower at the rate of ________ (___%) [Instruction and Comment: Insert written
         amount of interest, followed by numerical amount in parentheses. The maximum
         interest permitted to be charged on any loan is regulated by individual state usury
         laws. Parties should research the maximum amount permitted by law in their state.
© Copyright 2011 Docstoc Inc. registered document proprietary, copy not               2
         Further, in the event no interest is being charged, the parties should consult with an
         attorney and/or tax professional licensed in their state to determine what, if any, tax
         implications could arise as a result of same.] percent compounded annually.

         C.     The Lender and the Borrower agree that the Term of the Loan shall be for a
         period of ________ (___) months/years [Instruction: Insert period of time of Loan
         repayment and choose whether such length of time is in months or years.]
         commencing on the ____ day of ________, 2____ and ending on the ____ day of
         ____________, 2____ [Instruction: Insert date Principal Sum will be dispersed and
         end date of loan; note, this length of time should correspond to the period of time
         chosen in the first sentence.](the “Term”).

         D.     The Borrower shall make monthly [Option: Monthly payments may be changed
         to any other regular interval, for example, bi-weekly or quarterly upon agreement
         by Borrower and Lender.] payments to the Lender of principal and interest in the
         amount of ___________ ($________) [Instruction: Insert written amount to be repaid
         monthly, followed by numerical amount in parentheses] United States Dollars with
         the first payment of principal and interest being due on the _____ day of
         ______________, 2_____. [Instruction: Insert date of
				
DOCUMENT INFO
Description: This Secured Lending Agreement is made between a lender and a borrower whereby the lender loans a sum of money to the borrower on a secured basis. In order to provide security for the repayment of the loan, the borrower gives the lender a promissory note that can be attached under “Schedule A” of this document. Additionally, this document can be customized to provide for the property the borrower pledges as collateral for the repayment of the loan. This document can be used by individuals or small businesses to record the terms and obligations of a secured loan.