Company Name:
Owners:
The Borrower agrees to the conditions and terms of the loan as outlined below.
The terms and conditions of the loan are as follows:
The principal amount borrowed is $_____________.
The loan will be repaid in _____ equal monthly payments of $________.
Payments will be made on the first day of the month.
The payments will begin on _____/______/_____
Fixed Monthly Support Fee $ ___________
________________________________________________________________________
The payments will be made to a designated representative of the lending party. Payments that are more than 30 days late will result in a late fee of ___% of the outstanding balance for every 30 days the payment is overdue, unless waved by the lender and the LTM due to special circumstances.
The borrower will also give to the LTM the amount established as the total monthly escrow amount. This money will be held in the bank for the borrower until an escrowed item comes due. The LTM will then withdraw the amount needed.
We the undersigned agree and commit to the conditions and terms outlined above and will abide by them.
_______________________________ ___________________________________
Borrower Signature Date
_______________________________
Borrower Name (Print)