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THIS LOAN AGREEMENT (this “Agreement”) effective on this the _____ day of ________, 2017 (“Effective Date”) between Farsight Partners Inc., a Texas corporation with its principal location at 15150 Preston Road, Suite 330, Dallas, Texas 75252 (“Lender”), and [________________], [_______________________] (“Borrower”). Lender and Borrower are individually referred to herein as “Party” and together as “Parties.”
For and in consideration of Lender loaning certain monies (“Loan”) to Borrower, Borrower repaying the Loan to Lender according to the terms and conditions of this Agreement, the mutual promises contained herein, and other good and valuable consideration, the sufficiency of which is hereby acknowledged, both Parties agree to keep, perform, and fulfill the promises and conditions set out in this Agreement:
I. Loan Amount and Interest
A. Lender promises to loan [$____________________] USD to Borrower, and Borrower promises to repay the Loan to Lender with interest.
B. Borrow promises to pay Lender interest calculated on the principal balance on December 31st of each year in which there remains unpaid principal (“Interest Bearing Principal”). The interest will be calculated using the Interest Bearing Principal and applicable Federal rate of [_________] (“AFR”), compounded annually in arrears (“Annual Interest Charge”), with the first Annual Interest Charge being calculated on December 31, .
C. The Parties may agree to convert the Annual Interest Charge into additional Interest Bearing Principal provided that they do so in writing no later than thirty (30) days before the Annual Interest Charge accrues.
D. Borrower hereby directs and authorizes Lender to deliver the Loan proceeds directly to the Fund It Forever Foundation (a 503(c)(3) corporation, “FIF”) as a charitable contribution on behalf of Borrower to the benefit of [_______________________] charity for which Lender will secure a certificate of donation or other documentation memorializing Borrower’s donation to FIF in the amount of the Loan.
II. Invoice and Payment
A. Lender may issue an invoice to Borrower for payments under this Agreement on or after the payment becomes due (“Invoice”). Borrower will pay the Invoice within sixty (60) days after the date of the Invoice. If the Borrower does not pay the Invoice in a timely manner, then the Lender may charge Borrower interest on the late payment at a rate equal to the AFR.
B. Borrow agrees to repay the Loan in annual installments that will, at a minimum, cover the Annual Interest Charge, unless otherwise agreed under Section I.C., until the Loan is paid in full or until Lender has provided Borrower with written notice of demand for payment (“Demand for Payment”).
C. Lender may make a Demand for Payment after the expiration of fifteen (15) years after the Effective Date of this Agreement. If Lender makes a Demand for Payment, Borrower will be obligated to pay the remaining balance of the Loan in full within twelve (12) months after the date of the Demand for Payment.
D. Borrower may pay the remaining Interest Bearing Principal without penalty.
The Parties have entered into the Non-Disclosure Agreement dated [_____________, ____], the terms and conditions of which are hereby incorporated herein by reference (“NDA”). The terms and conditions of the NDA will govern all communications between the Parties.
IV. Default and Termination
A. Notwithstanding anything to the contrary in this Agreement, if Borrower defaults in the performance of any obligation under this Agreement, then Lender may make a Demand for Payment as provided in Article II above.
B. This Agreement will be terminated on the earlier of the following events: (1) Borrower repays the Loan amount in full together with all applicable Annual Interest Charges and any other charges applied to the Loan under this Agreement; (2) issuance of the Demand for Payment under Section II.C. and payment thereof by Borrower; or (3) if Borrower fails to make a payment within four (4) months after the payment is due, then Lender may declare Borrower to be in default and may demand payment in full of the remaining principal and any unpaid interest and charges, which amount will include, but is not limited to, the Interest Bearing Principal, Annual Interest Charges, and any charges for late payment, and all such amounts will be immediately due and payable. In the event of (3) above, Lender will be entitled to (i) charge interest at a rate of one and a half percent (1½ %) per month or the maximum amount permitted by law, whichever is lower, and (ii) recover all reasonable attorneys’ fees and expenses incurred in securing payment of the amounts owed by Borrower by any legal means necessary.
V. Representation and Warranty
A. Borrower represents and warrants that the Loan amount does not exceed fifty percent (50%) of Borrower’s income.
B. Borrower represents and warrants that the Loan proceeds will be donated to charity and that is Borrower’s purpose for securing the Loan.
VI. General Provisions
A. Governing Law and Choice of Forum. This Agreement will be construed in accordance with and governed by the laws of the State of Texas, notwithstanding any conflicts of law finding that would dictate otherwise. The Parties agree that any disputes will be resolved in the courts of Collin County, Texas regardless of any inconvenience to the Parties.
B. Costs. All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by Borrower, will be added to the principal then outstanding and will immediately be paid by Borrower.
C. Binding Effect. This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of Borrower and Lender. Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.
D. Amendments. This Agreement may only be amended or modified by a written instrument executed by both Borrower and Lender.
E. Assignment. Borrower may not assign this Agreement without Lender’s prior written consent, which consent may not be unreasonably withheld.
F. Survival. The confidentiality obligations survive termination of this Agreement for a period of five (5) years after the Agreement is terminated.
G. Severability. The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the Parties’ intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.
1. Headings are inserted for the convenience of the Parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa.
2. Words in the masculine mean and include the feminine and vice versa.
I. Entire Agreement. This Agreement constitutes the entire agreement between the Parties and there are no further items or provisions, either oral or otherwise.
IN WITNESS WHEREOF, the Parties have duly affixed their signatures effective as of the Effective Date.