Secured Lending Agreement

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									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.
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         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 first payment.]

         E.      All payments to be made by the Borrower hereunder (whether on account of
         interest, principal, fees or any other amount) shall be made in immediately available
         funds.

         F.      All payments shall be made not later than 2:00 p.m. local time on the Payment
         Date or due date to the Lender at its address for service as set out herein and all payments
         made after that time on the Payment Date or due date shall be deemed for the purposes of
         interest and fee calculations only to have been received by the Lender on the next
         succeeding Business Day.

         G.      In the event that any payment hereunder, including any payment of the Principal
         Sum, interest, fees or other amounts due hereunder would be due on a day that is not a
         Business Day, such payment shall be made on the first Business Day thereafter. For
         purposes of this paragraph, any such payment made on the first Business Day thereafter
         shall not be considered late.

         H.      As security for the repayment of the Loan, the Borrower shall issue to the Lender
         a promissory note (the “Note”) in the principal amount of the Loan and in the form
         attached hereto as SCHEDULE “A”. [Comment: If Note is to be recorded and/or
         collateral is to be securitized, Parties will need to include additional information
         regarding same here. Also, Parties should consult with an attorney in their state
         regarding proper procedures for filing and securitizing such collateral, as each state
         regulates such filings and procedures therefore.]

         I.     Borrower may prepay the Loan without premium or penalty at any time during
         the Term.
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    2.                      DEFINITIONS

    A. The Schedules attached hereto are considered incorporated by reference in and are
       deemed to be an integral part of this Agreement.

    B. The headings of the Articles and paragraphs are inserted for convenience of reference
       only and shall not affect the construction or interpretation of this Agreement.

    C. Each accounting term used in this Agreement, unless otherwise defined herein, has the
       meaning assigned to it under Generally Accepted Accounting Principles.

    D. All references to Articles, paragraphs, sub-paragraphs and schedules unless otherwise
       specified are to Articles, paragraphs and sub-paragraphs of, and schedules to, this
       Agreement. The words "hereto", "herein", "hereof", "hereunder", "this Agreement" and
       similar expressions refer to this Agreement as amended or supplemented from time to
       time as a whole.

    E. In this Agreement, unless the context otherwise requires, words importing the singular
       include the plural and vice versa and words importing a gender include all genders.

    F. All references to dollar amounts in this Agreement are references to lawful money of the
       United States of America, whether explicitly stated or otherwise. A lack of reference to
       the amount being payable in lawful money of the United States of America shall not be
       deemed to mean that such amounts may be paid in any other currency.

    G. A reference to any one or more of the parties to this Agreement shall be deemed to be a
       reference to the respective heirs, executors, administrators, permitted successors and
       assigns of such party, as the case may be.


    3.            REPRESENTATIONS AND WARRANTIES OF BORROWER

    A. The Borrower hereby represents and warrants to the Lender as follows:

         (i)      that the representations and warranties are true and accurate at the date of
                  execution of this Agreement and the advance of the Principal Sum by the Lender;

         (ii)     the recitals contained herein are true and correct in every respect;


         (iii)    the Borrower has full legal right to borrow the Principal Sum from the Lender on
                  the terms and conditions set out in this Agreement and the Borrower has full
                  power, capacity, authority and legal right to execute and deliver this Agreement
                  and the Note, and to do all such acts and things as are required to be done,
                  observed and performed in accordance with the terms hereof and thereof; and

         (iv)     the Borrower has not granted any encumbrance to any person other than the
                  Lender with respect to the transaction proposed in this Agreement.
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    4.             SURVIVAL OF REPRESENTATIONS AND WARRANTIES

    A. The representations and warranties made by the Borrower shall be deemed to be repeated
       as of the date of the advance of the Principal Sum by the Lender and shall survive the
       execution and delivery of this Agreement and shall continue in full force and effect until
       the Principal Sum owing hereunder is paid in full. The Borrower shall notify the Lender
       in writing of any material adverse change to or breach of the representations and
       warranties made by it herein and the Lender may, at its sole discretion, from time to time
       accept any such changes thereto of which it shall have been notified in writing or waive
       or vary the requirements for any of the representations and warranties contained herein or
       any part of any representation or warranty, but the Lender shall have no obligation to do
       so.

    5.             EVENTS OF DEFAULT AND ACCELERATION

    A. Each of the following events shall constitute an Event of Default under this Agreement:

              i.     if the Borrower fails to pay the Principal Sum when the same shall become
              due hereunder; or

              ii.        if the Borrower fails to pay any interest, fees or other amounts owing
              under this Agreement when the same shall become due; or

              iii.       if the Borrower shall admit in writing its inability to pay its debts generally
              as it becomes due, or not pay its debts generally as it becomes due or otherwise files
              for personal bankruptcy.

    B. Upon occurrence of any one or more events of default, all obligations of the Borrower to
       the Lender shall, at the option of the Lender and upon written notice to the Borrower,
       become immediately due and payable without presentation, demand, protest or other
       notice of any kind, all of which are expressly waived by the Borrower, and the Note shall
       thereupon become enforceable by the Lender.


    6.             NOTICES

    A. Any notice or other communication which may be or is required to be given or made
       pursuant to this Agreement shall, unless otherwise expressly provided herein, be in
       writing and shall be deemed to have been sufficiently and effectively given if signed by
       or on behalf of the party giving notice and delivered to the party for which it is intended
       at its address as follows:

         (lllllllllllllllllllllllllllll)       if to the Borrower, at:




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                  Facsimile: (_____)
                  [Instruction: Insert Borrower’s contact information.]


         (b)      if to the Lender, at:




                  Facsimile: (_____)
                  [Instruction: Insert Lender’s contact information.]


    7.            GENERAL PROVISIONS

    A. The parties agree that this Agreement shall be conclusively deemed to be a contract made
       under, and shall for all purposes be governed by and construed in accordance with, the
       laws of the State of ________________. [Instruction: Insert name of state.]

    B. This Agreement shall be binding upon and inure to the benefit of each of the parties
       hereto, their respect successors and assigns, except that the Borrower shall not assign any
       rights or obligations with respect to this Agreement or any of the agreements
       contemplated hereby without the prior written consent of the Lender.

    C. Any provision of this Agreement which is or becomes prohibited or unenforceable in any
       jurisdiction shall not invalidate or impair the remaining provisions hereof which shall be
       deemed severable from such prohibited or unenforceable provision and any such
       prohibition or unenforceability in any jurisdiction shall not invalidate or render
       unenforceable such provision in any other jurisdiction.

    D. Except as otherwise specifically set forth herein, the representations and warranties made
       in this Agreement shall survive the execution of this Agreement and all other agreements
       provided for or contemplated hereby.

    E. The provisions contained in this Agreement shall not create or be deemed to create any
       relationship as between the Borrower and the Lender other than that of Borrower and
       Lender.

    F. The Borrower shall, at the request of the Lender, do all such further acts and execute and
       deliver all such further documents as may, in the reasonable opinion of the Lender, be
       necessary or desirable in order to fully perform and carry out the purpose and intent of
       this Agreement. This Agreement shall remain in full force and effect until the final
       payment in full to the Lender of all amounts payable is made.

    G. This Agreement constitutes the entire agreement between the parties and cancels and
       supersedes any prior agreements, undertakings, declarations or representations, written or
       verbal.

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    H. This Agreement may be executed in any number of counterparts, each of which shall be
       deemed to be original and all of which taken together shall be deemed to constitute one
       and the same instrument, and it shall not be necessary in making proof of this Agreement
       and produce or account for more than one such counterpart signed by each of the parties
       hereto.




       IN WITNESS WHEREOF the parties hereto have caused this Agreement to be
executed as of the date first written above.



Witness:                                               Borrower



Witness:                                               Lender




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                                      SCHEDULE “A”

                                  FORM OF PROMISSORY NOTE




© Docstoc®, Inc. 2011 – All Rights Reserved

								
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