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.............. 7 ............................................ .................................................... Occupation .................................................... ......................................s a DEED by the Lender in the presence of: ) ) Witness Signature Print Name Address .................................................... .................................................... ............................ .................................................... Occupation .................................................... .................................................... SIGNED an the presence of: ) ) Witness Signature Print Name Address .................................................... .................................................... ................................diction nor shall the taking of proceedings in one or more jurisdictions preclude the taking of proceedings in any other jurisdiction whether concurrently or not 6 SIGNED as a DEED by the Borrower in connection with this agreement may be brought in such courts 12.3 Nothing in this clause shall limit the Lender's right to take proceedings against the Borrower in any other court of competent juristhe courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection with this agreement and that accordingly any suit action or proceeding arising out of or i 12. GOVERNING LAW AND JURISDICTION 12.1 This agreement shall be governed by and construed in accordance with English law 12.2 It is irrevocably agreed for the exclusive benefit of the Lender that one in this agreement so numbered or named 11. ASSIGNMENT This Agreement shall not be assignable by the Borrower without the Lenders consent, such consent to be given at the Lender's sole discretion10.4 The clause headings do not form part of this agreement and shall not be taken into account in its construction or interpretation 10.5 Any reference to a clause or a paragraph or a schedule is to m 10.3 All agreements undertakings representations and warranties given or implied in this mortgage by more than one person shall be deemed to have been given jointly and severally by those concerned wise requires the expressions "the Borrower" and 5 "the Lender" include their respective successors and assigns whether immediate or derivative and where appropriate the survivors or survivor of therences to firms companies or corporations and vice versa and 10.1.3 references in the masculine gender include references in the feminine or neuter genders and vice versa 10.2 Unless the context otherions shall not be affected or impaired 10. INTERPRETATION 10.1 Unless the context otherwise requires 10.1.1 the singular includes the plural and vice versa 10.1.2 references to persons include refeseverable and distinct from the others and if at any time one or more of such provisions is or becomes invalid illegal or unenforceable the validity legality and enforceability of the remaining provis described in clause 8.1 are in addition and without prejudice to any other method of service prescribed or permitted by law 9. VALIDITY AND SEVERABILITY Each of the provisions of this agreement is irrespective of the time or date of actual delivery or of lack of delivery when dispatched if given by fax and when left at the property concerned if delivered 8.2.2 8.2.3 8.3 The methods of serviceService shall be deemed to be effected notwithstanding the death of the Borrower 8.2.1 at 10 am on the second business day immediately following the day of posting if given by first class letter post Borrower if served 8.1.1 8.1.2 personally on the Borrower or by first class letter post or fax addressed to the Borrower at or by delivery to his usual or last known place of abode or business 8.2 ubsequently have from or against the Borrower or any other person 8. 8.1 DEMANDS AND NOTICES A demand or notice by the Lender under this agreement shall be deemed to have been properly served on theion of rights or either in whole or in part release abstain from perfecting or enforcing or neglect or fail 4 to perfect or enforce any remedies securities guarantees or rights which he may now or snder under this agreement or any associated or collateral security grant to the Borrower or to any other person time indulgence further credit loans or advances or enter into any arrangement or variaty or other agreement 7. INDULGENCE AND WAIVER The Lender may at any time without discharging or in any way prejudicing this agreement or any associated or collateral security or any remedy of the Leents and warrants to the Lender that the execution of and the observance and performance of his obligations under this agreement does not and will not contravene any charge mortgage lease loan facilit the Lender considers to be for the benefit or improvement of any associated or collateral security 5.2.2 5.2.3 5.2.4 5.2.5 5.2.6 6. BORROWER'S REPRESENTATIONS AND WARRANTIES The Borrower represe of the Lender (whether by the Borrower or by a third party) or of the title of the Borrower to any associated or collateral security and the contemplation or doing of any other matter or thing whichsurety in compliance with the obligations imposed by the terms of this security or associated with it or with any associated or collateral security any impeachment or attempted impeachment of the titl or any associated or collateral security the exercise or contemplated exercise of any power right or discretion conferred by this agreement or by law on the Lender any default by the Borrower or any ty the contemplation and institution of all proceedings and other action (whether against the Borrower or otherwise) for the payment or discharge of the money and liabilities associated with this deedion and institution of all proceedings and other action in connection with the enforcement of this agreement and with the enforcement preservation and protection of any associated or collateral securise be allowable on the taking of an account between a mortgagor and mortgagee but also (and in so far as they are not so allowable) those incurred in relation to or arising out of 5.2.1 the contemplat.2 Without prejudice to the generality of the provisions of that clause the Borrower's liability under clause 5.1 will include not only those costs charges expenses and liabilities that would otherwir with interest from the date when the Lender becomes liable for them until payment by the Borrower at the Interest Rate such interest to be payable in the same manner as interest on the Advance 3 5owed under and associated with this agreement and any associated or collateral security (including all commission legal and other professional costs and fees and disbursements and VAT on them) togethed on a full and unlimited indemnity basis all costs charges expenses and liabilities paid and incurred by the Lender (whether directly or indirectly) in relation to this agreement and the obligations talised arrears of interest and to interest on them 4.2.2 4.2.3 4.2.4 5. 5.1 COSTS CHARGES EXPENSES AND OTHER LIABILITIES The Borrower undertakes with the Lender to pay to the Lender on demand anions contained in this agreement and all powers and remedies conferred by law or by this agreement and all rules of law or equity relating to the Advance and interest on it shall equally apply to capiny of the Interest Payment Days pay to the Lender in addition to the interest then due all or any part of the Advance representing capitalised arrears of interest Otherwise all undertakings and provis Payment Days The capitalisation of arrears of interest will be without prejudice to the Lender's right at any time to enforce payment of the sums concerned as interest in arrear The Borrower may on aays after the due date for payment it shall be capitalised and added to the Advance and bear interest from the due date for payment such interest to be payable at the Interest Rate and on the Interestyable as well after as before any demand or judgment or the bankruptcy death or insanity of the Borrower 4.2 Capitalisation 4.2.1 If any interest payable under this agreement is not paid within 14 de Lender interest on the Advance (or so much of it as may from time to time remain outstanding) at the Interest Rate from the date of this agreement on the Interest Payment Days such interest to be pahe Borrower 2 to the Lender under this agreement or under the terms of any security associated with or collateral to it 4. 4.1 INTEREST Payment The Borrower undertakes with the Lender to pay to thance or so much of it as may be owing on giving to the Lender 14 days notice subject to the Borrower at the same time also paying or discharging all other obligations and liabilities due or owing by tle opinion believes the Advance and/or any other sums due under this agreement will not be repaid when due 3.2 Notwithstanding the provisions of clause 3.1 the Borrower may at any time repay the Adv3.1.5 3.1.6 3.1.7 (b) a petition is presented for the bankruptcy of the Borrower or any surety or (c) 3.1.8 the Borrower or any surety dies or becomes of unsound mind or the Lender in its reasonabuntary arrangement under Part VIII of the Insolvency Act 1986 or enters or seeks to enter into any other form of composition or arrangement with his creditors whether in whole or in part 3.1.3 3.1.4 er of sale or of an appointment of a receiver in relation to any other of the Borrower or of any surety (a) the Borrower or any surety becomes subject to an interim order or makes a proposal for a volf the Borrower or any surety becomes subject to any forfeiture or execution distress sequestration or other form of process if a mortgagee takes possession of or exercises or seeks to exercise any powiven by the Borrower or any surety to the Borrower is or becomes incorrect any judgment or order made against the Borrower or any surety by any court is not complied with within 14 days the property omply with any term condition covenant or provision of or to perform any of his obligations or liabilities under this agreement or any associated or collateral security any representation or warranty gime to time or if earlier immediately on demand if: 3.1.1 3.1.2 any interest or other sum payable under this agreement is not paid within 14 days of becoming due the Borrower or any surety fails to cokes to repay the Advance to the Lender free from any legal or equitable right of set-off on the Redemption Date in accordance with the payment schedule as notified to the Borrower by the Lender from t of the Lender over the Property in a form satisfactory to the Lender 1 3. 3.1 REPAYMENT OF ADVANCE In consideration of the Advance (receipt of which the Borrower acknowledges) the Borrower undertaower in purchasing the equitable title to the Property The obligation of the Borrower under this Loan Agreement shall be secured at all times by a legal charge to be executed by the Borrower in favourREEMENT FOR ADVANCE The Lender agrees with the Borrower to lend the Advance to the Borrower upon the terms conditions and provisions of this agreement The Advance shall only be used to assist the Borrth] "Interest Rate" means [3% above the bank rate at Barclays Bank plc from time to time] "Redemption Date" means [ ] [2029] "Property" means the property known as [enter address] 2. 2.1 2.2 2.3 AGO HUNDRED AND SEVENTY FIVE THOUSAND POUNDS (£275,000.00)] "Business Day" means any day banks are ordinarily open for business in the UK "Interest Payment Days" means [the last Business Day of each mon AGREEMENT is made the day of 20 BETWEEN (1) ("the Lender") (2) ("the Borrower") of of NOW IT IS AGREED as follows: 1. DEFINITIONS In this agreement: 1.1 1.2 1.3 1.4 1.5 1.6 "Advance" means [TWRT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS. The use of these materials is subject to the "Terms and Conditions" found at findlegalforms.com. THIS LOANMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TOLIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS. THE MATERIALS ARE USED AT YOUR OWN RISK. IN NO EVENT WILL: I) FLF, ITS AGENTS, PARTNERS, OR AFFIl serious legal matters. No Attorney-Client / Solicitor-Client relationship is created by use of these materials. THESE MATERIALS ARE PROVIDED "AS-IS." FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANT does not provide legal advice. The use of these materials is not a substitute for legal advice. Only an attorney / solicitor can provide legal advice. An attorney/solicitor should be consulted for alquires is different (ie a guarantee or a debenture) and this clause should be amended as appropriate. Clause 1.6 Clause 2.2 Clause 2.3 DISCLAIMER: FindLegalForms, Inc. ("FLF") is not a law firm ande of the loan is for. If the Loan is not to be secured then please delete this clause. Also note the security mentioned in this clause is a legal charge. It may well be that the security the Lender re repaid by. If it is not the intention of the Borrower to grant a charge over a property as security for the loan then it is highly likely that this clause can be deleted. Specify here what the purposate as the base rate fluctuates. You can of course just have a fixed interest rate (ie 6% per annum). Clause 1.3 Clause 1.4 Clause 1.5 Insert a date here. This is the date the Loan will need to bewill need to decide on what days interest is payable (monthly or quaterly). In this clause you will determine what the interest rate will be. In this agreement we have a variable rate that will fluctu the agreement if these are not appropriate for you). We would draw your attention to the following: Clause 1.1 The Lender will need to specify here the amount of the loan (called the Advance). You Borrower so that the Borrower can buy a property. The Lender is taking security for the loan over a property owned by the Buyer (of course please delete any examples and figures we have inserted intodelete the square brackets. In this agreement we have provided you with a fictitious example of loan transaction to show how the agreement would work in practice. Our lender has loaned £275,000 to thehe square brackets. You will also note just blank square brackets in the letter. This denotes that information is missing and will need to be inserted by you. Once you have added the information then gotiations. In this agreement you will see some wording within square brackets giving you instructions as to what information needs to be inserted. Once you have inserted this information the delete tment is prepared in simple and easily understood language. Obviously not all the clauses will be required for your individual circumstances but this agreement will act as a good foundation for your ned · What is the interest rate (if any) · When will the interest be paid · Will the loan be secured by a mortgage, debenture or personal guarantee or not at all As with all our products this loan agreeital that if you ever loan or borrow money that you document the main terms under which the money is lent. They main terms are typically: · How much money is being loaned · When will the loan be repaiLONG LOAN FORM - COMMENTARY Our long form loan agreement should be used when lending large amounts of money that are typically secured by way of legal charge over a property (like a mortgage). It is v