This is a loan agreement between a savings pool (as an unincorporated consortium) and individuals within that consortium, including entitlements those individuals have earned from previous contributions.
Acknowledgement of Debt.
This Loan Agreement is made between:
Full Name and Full Name of Address (“the Borrower”),
Members of the Salt Lake Union for Financial Freedom (“the Lender”), together know as the "Parties".
2. Date of Agreement:
This Agreement is effective Apr 12, 2020.
3. Period of Loan:
This Agreement is in effect until December 31st or until such time as the balance of the loan is paid back. If the balance of the loan has not been paid in full by the 31st, it will be considered to be in default and the Parties should begin the process of dispute resolution (described in Section 7).
3. Loan Amount:
The Lender promises to send $1,000.00 to the borrower via EFT, $250.00 of which is an entitlement from previous contributions to the Salt Lake Union for Financial Freedom. The Borrower promises to pay to the Lender $750.00.
Because this loan is under $10,000, it will not accrue interest, even if it goes into default, unless otherwise agreed by both parties as part of dispute resolution.
The Borrower shall be entitled to pay larger installments than prescribed or the full balance any time prior to the prescribed dates of payment.
Any provision of this Deed that is invalid or unenforceable will be read down where possible so as to be valid and enforceable, or, if that is not possible, will be severed from this Agreement to the extent of its invalidity of unenforceability, without affecting the remaining provisions, which will remain binding on the Parties.
7. Dispute Resolution.
Where any dispute arises among the Parties as to the performance or interpretation of this Deed, the Parties will resolve the dispute in the following manner:
- First, the Party raising the dispute must notify immediately the other Party of the dispute, providing a reasonable amount of information about the nature of the dispute.
- Second, the Parties will meet as soon as possible, in person or by video conferencing, and attempt to resolve the dispute by discussion.
- Third, if such negotiation fails, the Parties will refer the dispute to a mutually acceptable mediator within the Salt Lake Union for Financial Freedom, as soon as possible, to be resolved in accordance with an accepted code of mediation practice.
- Fourth, if such mediation fails, the Parties will refer the dispute to a mutually acceptable mediator without the Salt Lake Union for Financial Freedom, as soon as possible, to be resolved in accordance with an accepted code of mediation practice.
- Fifth, except for urgent injunctions, only after steps (1) to (4) have been followed may a Party resort to litigation.
Any reference to "dollars" or “$” is a reference to the lawful currency of the United States (USD), unless otherwise specified.
Payments due from the Borrower to the Lender under this Agreement will be made via direct deposit from the Borrower's biweekly paycheck. The borrower agrees to set up a direct deposit of $60 per paycheck ($120 per month) through their employer.
10. Entire Agreement:
The parties confirm that this contract contains the full terms of their agreement and that no addition to or variation of the contract shall be of any force and effect unless done in writing and signed by both parties.
Executed by both Parties on Apr 12, 2020.