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)
