Texas Loan Agreement
This Texas Loan Agreement ("Agreement") is made effective as of the ____ day of __________, 20___, by and between:
Borrower: ______________________________
Address: ______________________________
City, State, ZIP: ______________________________
Lender: ______________________________
Address: ______________________________
City, State, ZIP: ______________________________
This Agreement is governed by the laws of the State of Texas.
1. Loan Amount
The total amount of the loan is $_____________________ (the "Loan Amount").
2. Purpose of Loan
The Borrower will use the Loan Amount for the following purpose(s):
____________________________________________________
3. Interest Rate
The Loan Amount shall accrue interest at an annual rate of _____%.
4. Payment Terms
The Borrower agrees to repay the Loan Amount along with accrued interest in installments as follows:
- First payment of $____________________ due on ____________.
- Subsequent payments of $____________________ due on the ____ day of each month.
- Final payment due on ____________.
5. Prepayment
The Borrower may prepay the Loan Amount, in whole or in part, without any penalty. All prepayments shall first be applied to accrued interest and then to the principal.
6. Default
If the Borrower fails to make any payment when due, the Lender may declare the entire unpaid balance immediately due and payable.
7. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Texas.
8. Signatures
By signing below, both parties agree to the terms of this Loan Agreement.
Borrower Signature: ______________________________ Date: ____________
Lender Signature: ______________________________ Date: ____________