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Common use of Loan Terms Clause in Contracts

Loan Terms. 1. Lender shall lend One Hundred Ten Thousand Dollars ($110,000.00) to the Borrower to be used solely to promote rural economic development as more particularly described in the Application Materials. The term of the loan will be 10 years, with 10 equal annual payments of $12,245.92 commencing April 1, 2023, and the final installment due on or before April 1, 2032 (the “Loan”). 2. The Loan will be guaranteed by Xxxxx XxXxxxxxx, in his individual capacity, said guaranty as described in the attached Exhibit A. 3. Lender shall advance the proceeds of the Loan to the Borrower in a single lump sum of $110,000.00, subject to submission by Xxxxxxxx to Lender of evidence that the project is proceeding and expenditure of funds in the amount of the requested advance. 4. The Borrower shall repay the Loan in accordance with the note (as hereinafter defined) to be executed by the Borrower and made payable to Lender. The Borrower shall begin to repay the Loan on the date set forth in the Note and shall continue paying without interruption until all indebtedness associated with the Loan has been repaid in full on or before the final maturity date of the Note. 5. The Loan will bear an interest rate of two percent (2%) and indebtedness not paid when due will be subject to late charges, costs, and other charges as provided in the Note. 6. If the Borrower fails to satisfy all conditions, requirements, and terms prerequisite to the advance of the proceeds of the Loan from the Lender as set forth in this agreement on or before April 1, 2022 or such later date as the Lender may approve in writing in furtherance of the purposes of the Act, Regulations, and Rural Development Plan, the Loan commitment shall be considered rescinded. 7. The Borrower will be responsible to reimburse Lender for its costs and expenses related to this transaction, and to obtain and pay for any and all appraisals, surveys, inspections, reports, title insurance, bank fees, etc related to the Project as may be required by Xxxxxx.

Appears in 1 contract

Samples: Loan Agreement

Loan Terms. 1. Lender shall lend One Two Hundred Ten Twenty Thousand Dollars ($110,000.00220,000.00) to the Borrower to be used solely to promote rural economic development as more particularly described in the Application Materials. The term of the loan will be 10 years, with 10 equal annual payments of $12,245.92 24,491.84 commencing April 1, 2023, and the final installment due on or before April 1, 2032 (the “Loan”). 2. The Loan will be guaranteed continuously secured by Xxxxx XxXxxxxxx, in his individual capacity, said guaranty a Deed of Trust on Real Estate as described in the attached Exhibit A.A to the Lender. 3. Lender shall advance the proceeds of the Loan to the Borrower in a single lump sum of $110,000.00220,000.00, subject to submission by Xxxxxxxx Borrower to Lender of evidence that the project is proceeding and expenditure of funds in the amount of the requested advance. 4. The Borrower shall repay the Loan in accordance with the note (as hereinafter defined) to be executed by the Borrower and made payable to Lender. The Borrower shall begin to repay the Loan on the date set forth in the Note and shall continue paying without interruption until all indebtedness associated with the Loan has been repaid in full on or before the final maturity date of the Note. 5. The Loan will bear an interest rate of two percent (2%) and indebtedness not paid when due will be subject to late charges, costs, and other charges as provided in the Note. 6. If the Borrower fails to satisfy all conditions, requirements, and terms prerequisite to the advance of the proceeds of the Loan from the Lender as set forth in this agreement on or before April 1, 2022 or such later date as the Lender may approve in writing in furtherance of the purposes of the Act, Regulations, and Rural Development Plan, the Loan commitment shall be considered rescinded. 7. The Borrower will be responsible to reimburse Lender for its costs and expenses related to this transaction, and to obtain and pay for any and all appraisals, surveys, inspections, reports, title insurance, bank fees, etc related to the Project as may be required by XxxxxxLender.

Appears in 1 contract

Samples: Loan Agreement

Loan Terms. 1. Lender shall lend One Three Hundred Ten Sixty Thousand Dollars dollars ($110,000.00360,000.00) to the Borrower to be used solely to promote rural economic development as more particularly described in the Application Materials, as those materials may have been modified by the Letter of Conditions. Borrower shall be obligated to pay an administrative fee equal to zero percent (0%) per annum on the outstanding balance, during the term of the loan. This fee will be payable annually with the loan payment, and Lender will prepare an amortization schedule. The term of the loan will be 10 years, with 10 8 equal annual payments of $12,245.92 45,000.00 commencing April November 1, 20232014, and the final installment due on or before April November 1, 2032 2021 inclusive of the administrative fee (the “Loan”). 2. The Loan loan will be guaranteed continuously secured by Xxxxx XxXxxxxxx, in his individual capacity, said guaranty as described in a Mortgage Lien on Real Estate (Legal Description: ) to the attached Exhibit A.lender. 3. Lender shall advance the proceeds of the Loan to the Borrower in a single lump sum of $110,000.00360,000.00, subject to submission by Xxxxxxxx Borrower to Lender of evidence that the project is proceeding and expenditure of funds in the amount of the requested advance. 4. The Borrower shall repay the Loan in accordance with the note (as hereinafter defined) to be executed by the Borrower and made payable to Lender. The Borrower shall begin to repay the Loan on the date set forth in the Note and shall continue paying without interruption until all indebtedness associated with the Loan has been repaid in full on or before the final maturity date of the Note. 5. The Loan will not bear an interest rate of two percent (2%) and although indebtedness not paid when due will be subject to late charges, costs, and other charges as provided in the Note. 6. If the Borrower fails to satisfy all conditions, requirements, and terms prerequisite to the advance of the proceeds of the Loan from the Lender as set forth in this agreement on or before April January 1, 2022 or 2013or such later date as the Lender and Government may approve in writing in furtherance of the purposes of the Act, Regulations, and Rural Development Plan, the Loan commitment committee shall be considered rescinded. 7. The Borrower will be responsible to reimburse Lender for its costs and expenses related to this transaction, and to obtain and pay for any and all appraisals, surveys, inspections, reports, title insurance, bank fees, etc related to the Project as may be required by Xxxxxxfor Lender to meet its obligations to the Government.

Appears in 1 contract

Samples: Rural Economic Development Loan Agreement

Loan Terms. 1. Lender shall lend One Hundred Ten Fifteen Thousand Dollars dollars ($110,000.00115,000.00) to the Borrower to be used solely to promote rural economic development as more particularly described in the Application Materials. The term of the loan will be 10 years, with 10 equal annual payments of $12,245.92 12,802.55 commencing April 111, 20232019, and the final installment due on or before April 111, 2032 2028 (the “Loan”). 2. The Loan will be guaranteed continuously secured by Xxxxx XxXxxxxxx, in his individual capacity, said guaranty a Deed of Trust on Real Estate as described in the attached Exhibit A.A to the lender. 3. Lender shall advance the proceeds of the Loan to the Borrower in a single lump sum of $110,000.00115,000.00, subject to submission by Xxxxxxxx Borrower to Lender of evidence that the project is proceeding and expenditure of funds in the amount of the requested advance. 4. The Borrower shall repay the Loan in accordance with the note (as hereinafter defined) to be executed by the Borrower and made payable to Lender. The Borrower shall begin to repay the Loan on the date set forth in the Note and shall continue paying without interruption until all indebtedness associated with the Loan has been repaid in full on or before the final maturity date of the Note. 5. The Loan will bear an interest rate of two percent (2%) and indebtedness not paid when due will be subject to late charges, costs, and other charges as provided in the Note. 6. If the Borrower fails to satisfy all conditions, requirements, and terms prerequisite to the advance of the proceeds of the Loan from the Lender as set forth in this agreement on or before April 111, 2022 2018 or such later date as the Lender may approve in writing in furtherance of the purposes of the Act, Regulations, and Rural Development Plan, the Loan commitment shall be considered rescinded. 7. The Borrower will be responsible to reimburse Lender for its costs and expenses related to this transaction, and to obtain and pay for any and all appraisals, surveys, inspections, reports, title insurance, bank fees, etc related to the Project as may be required by XxxxxxLender.

Appears in 1 contract

Samples: Loan Agreement

Loan Terms. 1. Lender shall lend One Hundred Ten Sixty Thousand Dollars dollars ($110,000.00160,000.00) to the Borrower to be used solely to promote rural economic development as more particularly described in the Application Materials. The term of the loan will be 10 years, with 10 equal annual payments of $12,245.92 17,812.24 commencing April 111, 20232019, and the final installment due on or before April 111, 2032 2028 (the “Loan”). 2. The Loan will be guaranteed continuously secured by Xxxxx XxXxxxxxx, in his individual capacity, said guaranty a Deed of Trust on Real Estate as described in the attached Exhibit A.A to the lender. 3. Lender shall advance the proceeds of the Loan to the Borrower in a single lump sum of $110,000.00160,000.00, subject to submission by Xxxxxxxx Borrower to Lender of evidence that the project is proceeding and expenditure of funds in the amount of the requested advance. 4. The Borrower shall repay the Loan in accordance with the note (as hereinafter defined) to be executed by the Borrower and made payable to Lender. The Borrower shall begin to repay the Loan on the date set forth in the Note and shall continue paying without interruption until all indebtedness associated with the Loan has been repaid in full on or before the final maturity date of the Note. 5. The Loan will bear an interest rate of two percent (2%) and indebtedness not paid when due will be subject to late charges, costs, and other charges as provided in the Note. 6. If the Borrower fails to satisfy all conditions, requirements, and terms prerequisite to the advance of the proceeds of the Loan from the Lender as set forth in this agreement on or before April 111, 2022 2018 or such later date as the Lender may approve in writing in furtherance of the purposes of the Act, Regulations, and Rural Development Plan, the Loan commitment shall be considered rescinded. 7. The Borrower will be responsible to reimburse Lender for its costs and expenses related to this transaction, and to obtain and pay for any and all appraisals, surveys, inspections, reports, title insurance, bank fees, etc related to the Project as may be required by Xxxxxx.

Appears in 1 contract

Samples: Loan Agreement

Loan Terms. 1. Lender shall lend One Hundred Ten Fifteen Thousand Dollars dollars ($110,000.00115,000.00) to the Borrower to be used solely to promote rural economic development as more particularly described in the Application Materials. The term of the loan will be 10 years, with 10 equal annual payments of $12,245.92 12,802.55 commencing April 1July 15, 20232017, and the final installment due on or before April 1July 15, 2032 2026 (the “Loan”). 2. The Loan will be guaranteed continuously secured by Xxxxx XxXxxxxxx, in his individual capacity, said guaranty a Deed of Trust on Real Estate as described in the attached Exhibit A.A to the lender. 3. Lender shall advance the proceeds of the Loan to the Borrower in a single lump sum of $110,000.00115,000.00, subject to submission by Xxxxxxxx Borrower to Lender of evidence that the project is proceeding and expenditure of funds in the amount of the requested advance. 4. The Borrower shall repay the Loan in accordance with the note (as hereinafter defined) to be executed by the Borrower and made payable to Lender. The Borrower shall begin to repay the Loan on the date set forth in the Note and shall continue paying without interruption until all indebtedness associated with the Loan has been repaid in full on or before the final maturity date of the Note. 5. The Loan will bear an interest rate of two percent (2%) and indebtedness not paid when due will be subject to late charges, costs, and other charges as provided in the Note. 6. If the Borrower fails to satisfy all conditions, requirements, and terms prerequisite to the advance of the proceeds of the Loan from the Lender as set forth in this agreement on or before April 1July 15, 2022 2016 or such later date as the Lender may approve in writing in furtherance of the purposes of the Act, Regulations, and Rural Development Plan, the Loan commitment shall be considered rescinded. 7. The Borrower will be responsible to reimburse Lender for its costs and expenses related to this transaction, and to obtain and pay for any and all appraisals, surveys, inspections, reports, title insurance, bank fees, etc related to the Project as may be required by XxxxxxLender.

Appears in 1 contract

Samples: Loan Agreement