This Loan Agreement and Payment Plan ("Agreement") is made and entered into as of 04/11/2023 ("Effective Date") by and between Dean Arvin ("Lender"), and Charles Faggart ("Borrower").
Loan Amount. The Borrower acknowledges receipt of a loan in the amount of $1,500 from the Lender.
1. Payment Plan. The Borrower agrees to repay the loan amount in weekly installments of $300 for a total of 6 weeks, starting on Sunday, April 16th, 2023. The weekly installment amount shall be as specified in the payment plan provided by the Lender.
2. Late Fees. If a payment is not made on the due date specified in the payment plan, the Borrower shall be charged a late fee equal to 30% of the overdue payment amount. The late fee shall compound each week until the payment is made, and any additional missed payments shall have the same penalties until all the payments are caught up.
3. Payment Method. The Borrower shall make payments to the Lender via Zelle or delivered cash. Payments shall be due by Sunday at 9am of each week.
4. Default. If the Borrower fails to make any payment for a period of 6 weeks, the Lender may declare the entire outstanding balance due and payable immediately.
5. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the state of Florida.
6. Entire Agreement. This Agreement constitutes the entire understanding between the parties and supersedes all prior negotiations, understandings, and agreements between the parties.
7. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.