LOAN AGREEMENT BETWEEN OLAWUMI FAUSAT ADEBAYO AND JUSTICE OKEREKE

Loan agreement.

LOAN AGREEMENT

OLAWUMI FAUSAT ADEBAYO

(“The Lender”)

and

JUSTICE OKEREKE

(“The Borrower”)

1 Amount of loan

The Lender hereby agrees to lend the sum of Two Million Naira Only (#2,000,000) to the Borrower on the terms set out hereunder.

2 Purpose of loan

It is agreed between the parties that the money would be used by the borrower sorely for the purpose of funding student's account.

3 Payment of loan to Borrower

It is agreed between the parties that payment of the loan amount will not be made to the Borrower before the expiry of three business days after the conclusion of the contract. During the said period of three business days the Borrower may terminate the contract at will. It is further agreed that the Lender shall not be entitled to interest for the period preceding the date upon which the money is paid to the Borrower.

4 Period of loan

This loan shall endure for a period of 1 month calculated from 15/11/2016 to 14th/12/2016.

5 Security

To ensure that the loan would be repaid back by the borrower, a post dated cheque of Two million Naira only (#2,000,000) would be issued in favor of the lender to be presented at the end of 1 month expiration of the term loan.

6 Repayment Method

The said sum would be repaid back in one installment.

7 Breach of terms

That a legal action would be taken against the borrower by the lender if the Borrower fails to make full payment of on due date.

8 The whole contract

The parties consent 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 unless done in writing and signed by both parties.

9 Contact Address

The parties choose the following contact point as their addresses:

The Lender NO 49 OBA ADESIDA ROAD AKURE ONDO STATE NIGERIA

The Borrower: 106/108 AIT Road, Alagabado, Lagos.

Thus done and signed at ______________________________ (place) on this _______________ (day, month, year)

Witnesses:

1

2

(Signatures of witnesses) (Signature of lender)

Thus done and signed at Akure on this

14th/11/2016

Witnesses:

1: OLASUNKANMI ADEBAYO

2:OPEYEMI KOLAWOLE

OLAWUMI FAUSAT ADEBAYO

(Signatures of witnesses)

(Signature of borrower)

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