Free Loan Agreement Form for Illinois
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Preview - Illinois Loan Agreement Form
Illinois Loan Agreement Template
This Loan Agreement (“Agreement”) is made and entered into on this ___ day of ____________, 20___, by and between:
Borrower: ______________________________
Address: ___________________________________________
City, State, Zip: _________________________________
Lender: ______________________________
Address: ___________________________________________
City, State, Zip: _________________________________
In consideration of the mutual covenants and promises contained herein, the parties agree as follows:
- Loan Amount: The Lender agrees to loan the Borrower the sum of $____________ (the “Loan Amount”).
- Interest Rate: The Loan Amount shall accrue interest at the rate of _____% per annum, calculated on the remaining balance at the end of each month.
- Term: The term of the loan will be for a period of ____ months, beginning on the ___ day of ____________, 20___, and ending on the ___ day of ____________, 20___.
- Repayment: The Borrower agrees to repay the Loan Amount in monthly installments of $____________, due on the ___ day of each month.
- Prepayment: The Borrower may prepay the Loan Amount, in whole or in part, without any penalty.
- Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the state of Illinois.
Default: If the Borrower fails to make any payment when due or breaches any terms of this Agreement, the Lender may declare the entire remaining balance to be immediately due and payable.
Severability: If any provision of this Agreement is found to be unenforceable or invalid, the remaining provisions shall continue in full force and effect.
This Agreement contains the entire agreement between the parties and supersedes any prior agreements or understandings.
IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement as of the date first above written.
______________________________
Borrower Signature
______________________________
Lender Signature
Date: _____________________
Create Other Common Loan Agreement Forms for Different States
Promissory Note Georgia - Communication expectations between lender and borrower may be included in the agreement.
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Sample Promissory Note California - Details any conditions that might trigger an interest rate change.
Promissory Note Florida - The form can stipulate how changes to the agreement should be made.
Similar forms
Promissory Note: This document outlines the borrower's promise to repay a loan. Like a loan agreement, it specifies the amount borrowed, interest rate, and repayment schedule.
Mortgage Agreement: A mortgage agreement secures a loan with property as collateral. It shares similarities with a loan agreement in detailing terms, including the loan amount and repayment conditions.
Security Agreement: This document establishes collateral for a loan. Similar to a loan agreement, it defines the obligations of the borrower and the lender's rights in case of default.
Lease Agreement: A lease agreement outlines terms for renting property. It resembles a loan agreement by specifying payment terms and responsibilities of both parties.
Credit Agreement: This document governs the terms of a line of credit. Like a loan agreement, it includes interest rates, repayment terms, and conditions for borrowing.
Joint Venture Agreement: A joint venture agreement details the terms of a partnership. It shares common elements with a loan agreement, particularly in outlining financial contributions and profit-sharing arrangements.
The Operating Agreement is crucial for LLCs, detailing management structure and procedures. It helps members understand financial arrangements and responsibilities. For assistance in creating one, you can use the form available at https://pdftemplates.info/operating-agreement-form/.
Partnership Agreement: This document outlines the terms of a business partnership. Similar to a loan agreement, it specifies the roles, contributions, and obligations of each partner.
Personal Guarantee: A personal guarantee provides assurance for a loan by an individual. It resembles a loan agreement by detailing the borrower's commitment to repay the debt.
Forbearance Agreement: This document temporarily modifies loan terms. It is similar to a loan agreement in that it outlines repayment terms and conditions during a period of financial hardship.